10-Q 1 bfc-20230930x10q.htm 10-Q
0001746109--12-312023Q3falsefalsefalsefalsefalseBank First CorpWI0001746109bfc:SubordinatedNotesHometownBancorpLtd.CapitalTrustOneAndTwoMember2023-02-280001746109bfc:SubordinatedNotesSeptember2017Member2023-09-300001746109bfc:SubordinatedNotesJuly2020Member2023-09-300001746109bfc:SubordinatedNotesAugust2022Member2023-09-300001746109bfc:SubordinatedNotesHometownBancorpLtd.CapitalTrustTwoMember2023-02-280001746109bfc:SubordinatedNotesHometownBancorpLtd.CapitalTrustOneMember2023-02-280001746109bfc:SubordinatedNotesSeptember2017Member2022-12-310001746109bfc:SubordinatedNotesJuly2020Member2022-12-310001746109us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001746109us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001746109us-gaap:CommonStockMember2023-01-012023-03-310001746109us-gaap:CommonStockMember2022-07-012022-09-300001746109bfc:HometownBancorpLtd.Member2023-01-012023-03-310001746109bfc:DenmarkBancsharesIncMember2022-07-012022-09-300001746109us-gaap:TreasuryStockCommonMember2023-09-300001746109us-gaap:RetainedEarningsMember2023-09-300001746109us-gaap:CommonStockMember2023-09-300001746109us-gaap:AdditionalPaidInCapitalMember2023-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001746109us-gaap:TreasuryStockCommonMember2023-06-300001746109us-gaap:RetainedEarningsMember2023-06-300001746109us-gaap:CommonStockMember2023-06-300001746109us-gaap:AdditionalPaidInCapitalMember2023-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-3000017461092023-06-300001746109us-gaap:TreasuryStockCommonMember2023-03-310001746109us-gaap:RetainedEarningsMember2023-03-310001746109us-gaap:CommonStockMember2023-03-310001746109us-gaap:AdditionalPaidInCapitalMember2023-03-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100017461092023-03-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310001746109us-gaap:TreasuryStockCommonMember2022-12-310001746109us-gaap:RetainedEarningsMember2022-12-310001746109us-gaap:CommonStockMember2022-12-310001746109us-gaap:AdditionalPaidInCapitalMember2022-12-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001746109us-gaap:TreasuryStockCommonMember2022-09-300001746109us-gaap:RetainedEarningsMember2022-09-300001746109us-gaap:CommonStockMember2022-09-300001746109us-gaap:AdditionalPaidInCapitalMember2022-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001746109us-gaap:TreasuryStockCommonMember2022-06-300001746109us-gaap:RetainedEarningsMember2022-06-300001746109us-gaap:CommonStockMember2022-06-300001746109us-gaap:AdditionalPaidInCapitalMember2022-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-3000017461092022-06-300001746109us-gaap:TreasuryStockCommonMember2022-03-310001746109us-gaap:RetainedEarningsMember2022-03-310001746109us-gaap:CommonStockMember2022-03-310001746109us-gaap:AdditionalPaidInCapitalMember2022-03-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-3100017461092022-03-310001746109us-gaap:TreasuryStockCommonMember2021-12-310001746109us-gaap:RetainedEarningsMember2021-12-310001746109us-gaap:CommonStockMember2021-12-310001746109us-gaap:AdditionalPaidInCapitalMember2021-12-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001746109us-gaap:RestrictedStockMember2023-09-300001746109us-gaap:RestrictedStockMember2022-12-310001746109us-gaap:RestrictedStockMember2022-09-300001746109us-gaap:RestrictedStockMember2021-12-310001746109us-gaap:MeasurementInputPrepaymentRateMember2023-09-300001746109us-gaap:MeasurementInputDiscountRateMember2023-09-300001746109us-gaap:MeasurementInputPrepaymentRateMember2022-12-310001746109us-gaap:MeasurementInputDiscountRateMember2022-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001746109us-gaap:FairValueMeasurementsRecurringMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001746109us-gaap:FairValueMeasurementsRecurringMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2023-01-010001746109us-gaap:SubsequentEventMember2023-10-022023-10-020001746109us-gaap:ConstructionLoansMember2023-01-012023-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2023-01-012023-09-300001746109us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbfc:UfsllcMemberus-gaap:SubsequentEventMember2023-10-012023-10-010001746109srt:WeightedAverageMemberbfc:MeasurementInputCollateralDiscountsAndEstimatedCostsToSellMemberbfc:ValuationTechniqueThirdPartyAppraisalsSalesContractsOrBrokeredPriceOptionsMember2023-09-300001746109bfc:MeasurementInputCollateralDiscountsAndEstimatedCostsToSellMemberbfc:ValuationTechniqueThirdPartyAppraisalsSalesContractsOrBrokeredPriceOptionsMember2023-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001746109us-gaap:UnallocatedFinancingReceivablesMemberbfc:PassOneToFiveMember2022-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:RiskRatingSixMember2022-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:RiskRatingSevenMember2022-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassOneToFiveMember2022-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:RiskRatingSevenMember2022-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassOneToFiveMember2022-12-310001746109us-gaap:ConstructionLoansMemberbfc:RiskRatingSevenMember2022-12-310001746109us-gaap:ConstructionLoansMemberbfc:PassOneToFiveMember2022-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:RiskRatingSixMember2022-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:RiskRatingSevenMember2022-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassOneToFiveMember2022-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:RiskRatingSixMember2022-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:RiskRatingSevenMember2022-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassOneToFiveMember2022-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:RiskRatingSevenMember2022-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassOneToFiveMember2022-12-310001746109bfc:RiskRatingSixMember2022-12-310001746109bfc:RiskRatingSevenMember2022-12-310001746109bfc:PassOneToFiveMember2022-12-310001746109us-gaap:UnallocatedFinancingReceivablesMember2021-12-310001746109us-gaap:ResidentialPortfolioSegmentMember2021-12-310001746109us-gaap:ConsumerPortfolioSegmentMember2021-12-310001746109us-gaap:ConstructionLoansMember2021-12-310001746109us-gaap:CommercialPortfolioSegmentMember2021-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMember2021-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2021-12-3100017461092022-05-150001746109us-gaap:LineOfCreditMember2023-09-300001746109us-gaap:LineOfCreditMember2022-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateNoteSecuritiesMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2023-09-300001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-09-300001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-300001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-09-300001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-09-300001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateNoteSecuritiesMember2023-09-300001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateNoteSecuritiesMember2022-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-12-310001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-12-310001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-12-310001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateNoteSecuritiesMember2022-12-310001746109us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-12-310001746109bfc:UfsllcMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300001746109bfc:AnsayAssociatesLlcMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300001746109bfc:UfsllcMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300001746109bfc:AnsayAssociatesLlcMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberbfc:CommercialRealEstateOwnerOccupiedMember2022-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2022-12-310001746109us-gaap:ResidentialPortfolioSegmentMember2022-01-012022-12-310001746109us-gaap:CommercialPortfolioSegmentMember2022-01-012022-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMember2022-01-012022-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2022-01-012022-12-310001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ConsumerPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ConstructionLoansMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ConstructionLoansMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ConstructionLoansMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberbfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberbfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberbfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109us-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109us-gaap:UnallocatedFinancingReceivablesMemberbfc:PassGradeFiveMember2023-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109us-gaap:ConstructionLoansMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109us-gaap:ConstructionLoansMemberbfc:PassGradeFiveMember2023-09-300001746109us-gaap:ConstructionLoansMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassGradeFiveMember2023-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:ConstructionLoansMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:ConstructionLoansMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2023Memberbfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:ConstructionLoansMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2022Memberbfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:ConstructionLoansMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2021Memberbfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:ConstructionLoansMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2020Memberbfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:ConstructionLoansMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedIn2019Memberbfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ConstructionLoansMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberbfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradesOneTwoThreeAndFourMember2023-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassGradeFiveMember2023-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:FinancingReceivableGradeSevenMember2023-09-300001746109bfc:LoansOriginatedPriorTo2019Member2023-09-300001746109bfc:LoansOriginatedIn2023Member2023-09-300001746109bfc:LoansOriginatedIn2022Member2023-09-300001746109bfc:LoansOriginatedIn2021Member2023-09-300001746109bfc:LoansOriginatedIn2020Member2023-09-300001746109bfc:LoansOriginatedIn2019Member2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMember2023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:UnallocatedFinancingReceivablesMember2023-01-012023-09-300001746109bfc:LoansOriginatedAsRevolvingLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001746109us-gaap:UnallocatedFinancingReceivablesMember2023-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2023-09-300001746109us-gaap:ConstructionLoansMember2023-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2023-09-300001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMember2023-01-010001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-01-010001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMember2023-01-010001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:UnallocatedFinancingReceivablesMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:ConstructionLoansMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberbfc:CommercialRealEstateOwnerOccupiedMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberbfc:CommercialRealEstateNonOwnerOccupiedMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:UnallocatedFinancingReceivablesMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:ConstructionLoansMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberbfc:CommercialRealEstateOwnerOccupiedMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMemberbfc:CommercialRealEstateNonOwnerOccupiedMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Memberbfc:LoansHeldForInvestmentsMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:UnallocatedFinancingReceivablesMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConstructionLoansMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberbfc:CommercialRealEstateOwnerOccupiedMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberbfc:CommercialRealEstateNonOwnerOccupiedMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Member2022-12-310001746109bfc:LoansHeldForInvestmentsMemberus-gaap:UnallocatedFinancingReceivablesMember2022-12-310001746109bfc:LoansHeldForInvestmentsMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310001746109bfc:LoansHeldForInvestmentsMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001746109bfc:LoansHeldForInvestmentsMemberus-gaap:ConstructionLoansMember2022-12-310001746109bfc:LoansHeldForInvestmentsMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001746109bfc:LoansHeldForInvestmentsMemberbfc:CommercialRealEstateOwnerOccupiedMember2022-12-310001746109bfc:LoansHeldForInvestmentsMemberbfc:CommercialRealEstateNonOwnerOccupiedMember2022-12-310001746109us-gaap:UnallocatedFinancingReceivablesMember2022-12-310001746109us-gaap:ResidentialPortfolioSegmentMember2022-12-310001746109us-gaap:ConsumerPortfolioSegmentMember2022-12-310001746109us-gaap:ConstructionLoansMember2022-12-310001746109us-gaap:CommercialPortfolioSegmentMember2022-12-310001746109srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001746109bfc:LoansHeldForInvestmentsMember2022-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMember2022-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2022-12-310001746109us-gaap:UnallocatedFinancingReceivablesMember2023-01-012023-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001746109us-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2023-01-012023-09-300001746109us-gaap:UnallocatedFinancingReceivablesMember2022-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2022-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2022-09-300001746109us-gaap:ConstructionLoansMember2022-09-300001746109us-gaap:CommercialPortfolioSegmentMember2022-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2022-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2022-09-300001746109us-gaap:RestrictedStockMemberbfc:TwoThousandAndTwentyEquityPlanMember2023-09-300001746109us-gaap:RestrictedStockMemberbfc:TwoThousandAndTwentyEquityPlanMember2023-01-012023-09-300001746109us-gaap:RetainedEarningsMember2023-07-012023-09-300001746109us-gaap:RetainedEarningsMember2023-04-012023-06-300001746109us-gaap:RetainedEarningsMember2023-01-012023-03-310001746109us-gaap:RetainedEarningsMember2022-07-012022-09-300001746109us-gaap:RetainedEarningsMember2022-04-012022-06-300001746109us-gaap:RetainedEarningsMember2022-01-012022-03-310001746109srt:ScenarioForecastMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbfc:UfsllcMember2023-10-012023-12-310001746109us-gaap:InterestRateLockCommitmentsMember2023-09-300001746109us-gaap:InterestRateLockCommitmentsMember2022-12-310001746109bfc:SubordinatedNotesHometownBancorpLtd.CapitalTrustOneAndTwoMember2023-09-300001746109bfc:SubordinatedNotesAugust2022Member2022-08-012022-08-310001746109bfc:SubordinatedNotesAugust2022Member2022-08-310001746109bfc:SubordinatedNotesJuly2020Member2020-07-310001746109us-gaap:LetterOfCreditMember2023-01-012023-09-300001746109us-gaap:FixedRateResidentialMortgageMember2023-01-012023-09-300001746109us-gaap:CreditCardMember2023-01-012023-09-300001746109us-gaap:AdjustableRateResidentialMortgageMember2023-01-012023-09-300001746109us-gaap:LetterOfCreditMember2022-01-012022-12-310001746109us-gaap:FixedRateResidentialMortgageMember2022-01-012022-12-310001746109us-gaap:CreditCardMember2022-01-012022-12-310001746109us-gaap:AdjustableRateResidentialMortgageMember2022-01-012022-12-310001746109bfc:NonAccretableDiscountMember2022-01-012022-12-310001746109bfc:NonAccretableDiscountMember2022-01-012022-09-300001746109bfc:AccretableDiscountMember2022-01-012022-12-310001746109bfc:AccretableDiscountMember2022-01-012022-09-300001746109bfc:NonAccretableDiscountMember2022-12-310001746109bfc:AccretableDiscountMember2022-12-310001746109bfc:NonAccretableDiscountMember2022-09-300001746109bfc:AccretableDiscountMember2022-09-300001746109bfc:NonAccretableDiscountMember2021-12-310001746109bfc:AccretableDiscountMember2021-12-3100017461092021-12-310001746109us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001746109us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-3100017461092022-09-300001746109us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-09-300001746109us-gaap:MortgageBackedSecuritiesMember2023-09-300001746109us-gaap:CorporateNoteSecuritiesMember2023-09-300001746109us-gaap:CertificatesOfDepositMember2023-09-300001746109us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-12-310001746109us-gaap:MortgageBackedSecuritiesMember2022-12-310001746109us-gaap:CertificatesOfDepositMember2022-12-310001746109us-gaap:CorporateNoteSecuritiesMember2022-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001746109us-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001746109us-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001746109us-gaap:ConstructionLoansMember2022-01-012022-09-300001746109us-gaap:CommercialPortfolioSegmentMember2022-01-012022-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2022-01-012022-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2022-01-012022-09-300001746109us-gaap:UnallocatedFinancingReceivablesMember2022-01-012022-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2022-01-012022-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300001746109us-gaap:RestrictedStockMember2023-01-012023-09-300001746109us-gaap:RestrictedStockMember2022-01-012022-09-3000017461092023-04-012023-06-3000017461092023-01-012023-03-310001746109us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001746109us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-3000017461092022-04-012022-06-3000017461092022-01-012022-03-310001746109us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001746109us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001746109us-gaap:TreasuryStockCommonMember2023-04-012023-06-300001746109us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001746109us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001746109us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001746109us-gaap:TreasuryStockCommonMember2022-01-012022-03-310001746109us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-3100017461092023-11-090001746109us-gaap:OtherLiabilitiesMember2023-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001746109us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001746109us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001746109bfc:TwoThousandAndTwentyEquityPlanMember2023-09-3000017461092022-01-012022-12-310001746109bfc:HometownBancorpLtd.Member2023-01-012023-09-300001746109bfc:SubordinatedNotesJuly2020Member2020-07-012020-07-310001746109bfc:SubordinatedNotesSeptember2017Member2017-09-012017-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001746109us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001746109us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-3000017461092023-07-012023-09-3000017461092022-07-012022-09-300001746109srt:WeightedAverageMemberbfc:MeasurementInputCollateralDiscountsAndDiscountRatesMemberbfc:ValuationTechniqueThirdPartyAppraisalsAndDiscountedCashFlowsMember2023-09-300001746109srt:MinimumMemberbfc:MeasurementInputCollateralDiscountsAndDiscountRatesMemberbfc:ValuationTechniqueThirdPartyAppraisalsAndDiscountedCashFlowsMember2023-09-300001746109srt:MaximumMemberbfc:MeasurementInputCollateralDiscountsAndDiscountRatesMemberbfc:ValuationTechniqueThirdPartyAppraisalsAndDiscountedCashFlowsMember2023-09-300001746109srt:WeightedAverageMemberbfc:MeasurementInputCollateralDiscountsAndDiscountRatesMemberbfc:ValuationTechniqueThirdPartyAppraisalsAndDiscountedCashFlowsMember2022-12-310001746109srt:MinimumMemberbfc:MeasurementInputCollateralDiscountsAndDiscountRatesMemberbfc:ValuationTechniqueThirdPartyAppraisalsAndDiscountedCashFlowsMember2022-12-310001746109srt:MaximumMemberbfc:MeasurementInputCollateralDiscountsAndDiscountRatesMemberbfc:ValuationTechniqueThirdPartyAppraisalsAndDiscountedCashFlowsMember2022-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-09-300001746109us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancialAssetPastDueMember2023-09-300001746109us-gaap:FinancialAssetPastDueMember2023-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109us-gaap:RealEstateMemberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109us-gaap:CollateralPledgedMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001746109us-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109us-gaap:CollateralPledgedMemberbfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109bfc:PledgedCollateralOtherBusinessAssetsMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001746109us-gaap:RealEstateMember2023-09-300001746109us-gaap:CollateralPledgedMember2023-09-300001746109bfc:PledgedCollateralOtherBusinessAssetsMember2023-09-300001746109us-gaap:CommercialPortfolioSegmentMember2023-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2023-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-12-310001746109us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetPastDueMember2022-12-310001746109us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancialAssetPastDueMember2022-12-310001746109us-gaap:FinancialAssetPastDueMember2022-12-310001746109bfc:FixedRateTermLoanMaturityNovember212023Member2023-09-300001746109bfc:FixedRateTermLoanMaturityMay262026Member2023-09-300001746109bfc:FixedRateTermLoanMaturityMarch232028Member2023-09-300001746109bfc:FixedRateTermLoanMaturityMarch232027Member2023-09-300001746109bfc:FixedRateTermLoanMaturityMarch232026Member2023-09-300001746109bfc:FixedRateTermLoanMaturityApril222030Member2023-09-300001746109bfc:FixedRateTermLoanMaturityNovember212023Member2022-12-310001746109bfc:FixedRateTermLoanMaturityJune12023Member2022-12-310001746109bfc:FixedRateTermLoanMaturityApril222030Member2022-12-310001746109us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbfc:UfsllcMemberus-gaap:SubsequentEventMember2023-10-010001746109us-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-300001746109us-gaap:USTreasurySecuritiesMember2023-09-3000017461092023-09-300001746109us-gaap:USTreasurySecuritiesMember2022-12-310001746109us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-3100017461092022-12-310001746109srt:RestatementAdjustmentMemberbfc:HometownBancorpLtd.Member2023-02-100001746109bfc:HometownBancorpLtd.Membersrt:ScenarioPreviouslyReportedMember2023-02-100001746109bfc:HometownBancorpLtd.Member2023-02-100001746109bfc:HometownBancorpLtd.Member2023-02-102023-02-100001746109bfc:BankFirstN.a.Memberus-gaap:StandardizedApproachMember2023-09-300001746109us-gaap:StandardizedApproachMember2023-09-300001746109bfc:BankFirstN.a.Memberus-gaap:StandardizedApproachMember2022-12-310001746109us-gaap:StandardizedApproachMember2022-12-3100017461092023-01-012023-09-3000017461092022-01-012022-09-30iso4217:USDxbrli:purexbrli:sharesbfc:itemiso4217:USDxbrli:sharesbfc:M

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 001-38676

BANK FIRST CORPORATION

(Exact name of registrant as specified in its charter)

WISCONSIN

    

39-1435359

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

402 North 8th Street, Manitowoc, Wisconsin

    

54220

(Address of principal executive offices)

(Zip Code)

(920) 652-3100

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name on each exchange on which registered

Common Stock, par value $0.01 per share

 

BFC

 

The Nasdaq Stock Market LLC

The number of shares of the issuer’s common stock, par value $0.01, outstanding as of November 9, 2023 was 10,365,891 shares.

TABLE OF CONTENTS

Page Number

Part I. Financial Information

3

ITEM 1.

Financial Statements

3

Consolidated Balance Sheets – September 30, 2023 (unaudited) and December 31, 2022

3

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

4

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity – Three and Nine Months Ended September 30, 2023 and 2022  (unaudited)

6

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2023 and 2022 (unaudited)

7

Notes to Unaudited Consolidated Financial Statements

9

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

59

ITEM 4.

Controls and Procedures

61

Part II. Other Information

61

ITEM 1.

Legal Proceedings

61

ITEM 1A.

Risk Factors

61

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

ITEM 3.

Defaults Upon Senior Securities

62

ITEM 4.

Mine Safety Disclosures

62

ITEM 5.

Other Information

62

ITEM 6.

Exhibits

63

Signatures

64

2

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:

BANK FIRST CORPORATION

Consolidated Balance Sheets

(In thousands, except share and per share data)

September 30, 2023

    

December 31, 2022

(Unaudited)

(Audited)

Assets

Cash and due from banks

$

46,332

$

51,524

Interest-bearing deposits

 

29,444

 

67,827

Cash and cash equivalents

 

75,776

 

119,351

Securities held to maturity, at amortized cost ($74,888 and $43,770 fair value at September 30, 2023 and December 31, 2022, respectively)

 

77,154

 

45,097

Securities available for sale, at fair value ($205,602 and $325,960 amortized cost at September 30, 2023 and December 31, 2022, respectively)

 

179,046

 

304,637

Loans held for sale

1,155

648

Loans

3,355,549

2,893,978

Allowance for credit losses - loans ("ACL-Loans")

(43,404)

(22,680)

Loans, net

 

3,312,145

 

2,871,298

Premises and equipment, net

 

70,994

 

56,448

Goodwill

 

175,106

 

110,206

Other investments

 

21,542

 

16,495

Cash value of life insurance

 

60,889

 

46,050

Core deposit intangibles, net

 

28,599

 

16,829

Mortgage servicing rights ("MSR")

13,733

9,582

Other real estate owned (“OREO”)

 

1,844

 

2,520

Investment in minority-owned subsidiaries

 

46,203

 

44,180

Other assets

 

23,333

 

17,091

TOTAL ASSETS

$

4,087,519

$

3,660,432

Liabilities and Stockholders’ Equity

 

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Interest-bearing deposits

$

2,333,452

$

2,126,137

Noninterest-bearing deposits

 

1,064,841

 

934,092

Total deposits

 

3,398,293

 

3,060,229

Securities sold under repurchase agreements

 

17,191

 

97,196

Notes payable

 

35,847

 

1,929

Subordinated notes

 

23,500

 

23,500

Junior subordinated debentures

10,972

Other liabilities

 

24,387

 

24,475

Total liabilities

 

3,510,190

 

3,207,329

Stockholders’ equity:

 

  

 

  

Serial preferred stock - $0.01 par value

 

  

 

  

Authorized - 5,000,000 shares

 

 

Common stock - $0.01 par value

 

  

 

  

Authorized - 20,000,000 shares

 

  

 

  

Issued - 11,515,130 and 10,064,858 shares as of September 30, 2023 and December 31, 2022, respectively

 

  

 

  

Outstanding - 10,379,071 and 9,021,697 shares as of September 30, 2023 and December 31, 2022, respectively

 

115

 

101

Additional paid-in capital

 

333,254

 

218,263

Retained earnings

 

316,212

 

295,496

Treasury stock, at cost - 1,136,059 and 1,043,161 shares as of September 30, 2023 and December 31, 2022, respectively

 

(52,497)

 

(45,191)

Accumulated other comprehensive loss

 

(19,755)

 

(15,566)

Total stockholders’ equity

 

577,329

 

453,103

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

4,087,519

$

3,660,432

See accompanying notes to consolidated financial statements.

3

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Income

(In thousands, except per share data) (Unaudited)

    

Three months ended September 30, 

Nine months ended September 30, 

2023

    

2022

    

2023

    

2022

Interest income:

Loans, including fees

$

43,552

$

28,353

$

124,308

$

74,131

Securities:

 

 

 

 

Taxable

 

2,384

 

1,590

 

6,405

 

4,266

Tax-exempt

 

243

 

453

 

789

 

1,339

Other

 

810

 

344

 

2,318

 

1,044

Total interest income

 

46,989

 

30,740

 

133,820

 

80,780

Interest expense:

 

 

 

 

Deposits

 

11,644

 

2,637

 

29,177

 

5,939

Securities sold under repurchase agreements

 

252

 

100

 

1,383

 

104

Borrowed funds

 

1,035

 

310

 

2,696

 

1,274

Total interest expense

 

12,931

 

3,047

 

33,256

 

7,317

Net interest income

 

34,058

 

27,693

 

100,564

 

73,463

Provision for credit losses

 

 

 

4,182

 

1,700

Net interest income after provision for credit losses

 

34,058

 

27,693

 

96,382

 

71,763

Noninterest income:

 

 

 

 

Service charges

 

1,821

 

1,383

 

5,186

 

4,246

Income from Ansay and Associates, LLC (“Ansay”)

 

791

 

671

 

2,812

 

2,316

Income from UFS, LLC (“UFS”)

 

784

 

852

 

2,444

 

2,120

Loan servicing income

 

734

 

491

 

2,119

 

1,377

Valuation adjustment on MSR

229

885

460

2,846

Net gain on sales of mortgage loans

 

248

 

264

 

624

 

1,338

Other

 

647

 

620

 

2,012

 

1,562

Total noninterest income

 

5,254

 

5,166

 

15,657

 

15,805

Noninterest expense:

 

 

 

 

Salaries, commissions, and employee benefits

 

10,216

 

10,812

 

29,998

 

24,993

Occupancy

 

1,455

 

1,176

 

4,363

 

3,505

Data processing

 

2,153

 

1,577

 

6,111

 

4,353

Postage, stationery, and supplies

 

244

 

215

 

848

 

542

Net loss (gain) on sales and valuations of OREO

53

542

(146)

Net loss on sale of securities

75

Advertising

 

60

 

61

 

226

 

205

Charitable contributions

 

229

 

150

 

680

 

553

Outside service fees

 

1,438

 

2,538

 

4,987

 

5,096

Amortization of intangibles

 

1,626

 

751

 

4,720

 

1,338

Other

 

2,173

 

1,615

 

6,707

 

4,260

Total noninterest expense

 

19,647

 

18,895

 

59,257

 

44,699

Income before provision for income taxes

 

19,665

 

13,964

 

52,782

 

42,869

Provision for income taxes

 

4,861

 

3,431

 

13,166

 

10,499

Net Income

$

14,804

$

10,533

$

39,616

$

32,370

Earnings per share - basic

$

1.43

$

1.26

$

3.89

$

4.15

Earnings per share - diluted

$

1.43

$

1.26

$

3.89

$

4.15

See accompanying notes to unaudited consolidated financial statements

4

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Comprehensive Income

(In thousands) (Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

Net Income

$

14,804

$

10,533

$

39,616

$

32,370

Other comprehensive income (loss):

 

 

 

 

Unrealized losses on available for sale securities:

 

  

 

  

 

  

 

  

Unrealized holding losses arising during period

 

(6,093)

 

(9,188)

 

(5,308)

 

(30,613)

Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity

 

 

 

 

(1)

Reclassification adjustment for losses included in net income

 

 

 

75

 

Income tax benefit

 

1,276

 

2,480

 

1,044

 

8,266

Total other comprehensive loss

 

(4,817)

 

(6,708)

 

(4,189)

 

(22,348)

Comprehensive income

$

9,987

$

3,825

$

35,427

$

10,022

See accompanying notes to unaudited consolidated financial statements.

5

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statement of Stockholders’ Equity

(In thousands, except share and per share data) (Unaudited)

Accumulated

Serial

Additional

Other

Total

Preferred

Common

Paid-in

Retained

Treasury

Comprehensive

Stockholders'

    

Stock

    

Stock

    

Capital

    

Earnings

    

Stock

    

Income (loss)

    

Equity

Balance at January 1, 2022

$

$

85

$

93,149

$

258,104

$

(32,294)

$

3,609

$

322,653

Net income

 

 

 

 

10,183

 

 

 

10,183

Other comprehensive loss

 

 

 

 

 

 

(8,199)

 

(8,199)

Purchase of treasury stock

 

 

 

 

 

(5,018)

 

 

(5,018)

Sale of treasury stock

 

 

 

 

 

37

 

 

37

Cash dividends ($0.22 per share)

 

 

 

 

(1,673)

 

 

 

(1,673)

Amortization of stock-based compensation

 

 

 

320

 

 

 

 

320

Vesting of restricted stock awards

 

 

 

(1,303)

 

 

1,303

 

 

Balance at March 31, 2022

85

92,166

266,614

(35,972)

(4,590)

318,303

Net income

 

 

 

 

11,654

 

 

 

11,654

Other comprehensive loss

 

 

 

 

 

 

(7,441)

 

(7,441)

Purchase of treasury stock

 

 

 

 

 

(7,186)

 

 

(7,186)

Sale of treasury stock

 

 

 

 

 

23

 

 

23

Cash dividends ($0.22 per share)

 

 

 

 

(1,638)

 

 

 

(1,638)

Amortization of stock-based compensation

 

 

 

447

 

 

 

 

447

Balance at June 30, 2022

85

92,613

276,630

(43,135)

(12,031)

314,162

Net income

10,533

10,533

Other comprehensive loss

(6,708)

(6,708)

Purchase of treasury stock

(2,109)

(2,109)

Sale of treasury stock

25

25

Cash dividends ($0.25 per share)

(2,256)

(2,256)

Amortization of stock-based compensation

448

448

Shares issued in the acquisition of Denmark Bancshares, Inc. (1,586,475 shares)

16

125,304

125,320

Balance at September 30, 2022

$

$

101