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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 March 31, 2024

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 May 9, 2024 was 10,081,430 shares.

TABLE OF CONTENTS

Page Number

Part I. Financial Information

3

ITEM 1.

Financial Statements

3

Consolidated Balance Sheets – March 31, 2024 (unaudited) and December 31, 2023

3

Consolidated Statements of Income – Three Months Ended March 31, 2024 and 2023 (unaudited)

4

Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2024 and 2023 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity – Three Months Ended March 31, 2024 and 2023  (unaudited)

6

Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 (unaudited)

7

Notes to Unaudited Consolidated Financial Statements

9

ITEM 2.

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

28

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

51

ITEM 4.

Controls and Procedures

53

Part II. Other Information

53

ITEM 1.

Legal Proceedings

53

ITEM 1A.

Risk Factors

53

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

ITEM 3.

Defaults Upon Senior Securities

54

ITEM 4.

Mine Safety Disclosures

54

ITEM 5.

Other Information

54

ITEM 6.

Exhibits

55

Signatures

56

2

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:

BANK FIRST CORPORATION

Consolidated Balance Sheets

(In thousands, except share and per share data)

March 31, 2024

    

December 31, 2023

(Unaudited)

(Audited)

Assets

Cash and due from banks

$

36,059

$

69,973

Interest-bearing deposits

 

47,315

 

177,495

Cash and cash equivalents

 

83,374

 

247,468

Securities held to maturity, at amortized cost ($110,867 and $103,626 fair value at March 31, 2024 and December 31, 2023, respectively)

 

111,732

 

103,324

Securities available for sale, at fair value ($151,360 and $154,318 amortized cost at March 31, 2024 and December 31, 2023, respectively)

 

138,420

 

142,197

Loans held for sale

1,293

3,012

Loans

3,383,395

3,342,974

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

(44,378)

(43,609)

Loans, net

 

3,339,017

 

3,299,365

Premises and equipment, net

 

69,621

 

69,891

Goodwill

 

175,106

 

175,106

Other investments

 

21,290

 

21,366

Cash value of life insurance

 

61,697

 

61,292

Core deposit intangibles, net

 

25,496

 

26,996

Mortgage servicing rights ("MSR")

13,356

13,668

Other real estate owned (“OREO”)

 

2,674

 

2,573

Investment in Ansay and Associates, LLC ("Ansay")

 

33,372

 

32,926

Other assets

 

23,476

 

22,658

TOTAL ASSETS

$

4,099,924

$

4,221,842

Liabilities and Stockholders’ Equity

 

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Interest-bearing deposits

$

2,425,550

$

2,382,185

Noninterest-bearing deposits

 

990,489

 

1,050,735

Total deposits

 

3,416,039

 

3,432,920

Securities sold under repurchase agreements

 

 

75,747

Notes payable

 

35,295

 

35,270

Subordinated notes

 

12,000

 

12,000

Junior subordinated debenture

4,124

Other liabilities

 

27,260

 

41,983

Total liabilities

 

3,490,594

 

3,602,044

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 shares as of March 31, 2024 and December 31, 2023

 

  

 

  

Outstanding - 10,129,190 and 10,365,131 shares as of March 31, 2024 and December 31, 2023, respectively

 

115

 

115

Additional paid-in capital

 

332,224

 

333,815

Retained earnings

 

359,872

 

348,001

Treasury stock, at cost - 1,385,940 and 1,149,999 shares as of March 31, 2024 and December 31, 2023, respectively

 

(73,470)

 

(53,387)

Accumulated other comprehensive loss

 

(9,411)

 

(8,746)

Total stockholders’ equity

 

609,330

 

619,798

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

4,099,924

$

4,221,842

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 March 31, 

    

2024

    

2023

Interest income:

Loans, including fees

$

44,875

$

38,091

Securities:

 

 

Taxable

 

2,887

 

2,076

Tax-exempt

 

245

 

303

Other

 

1,265

 

432

Total interest income

 

49,272

 

40,902

Interest expense:

 

 

Deposits

 

15,392

 

7,450

Securities sold under repurchase agreements

 

22

 

561

Borrowed funds

 

509

 

657

Total interest expense

 

15,923

 

8,668

Net interest income

 

33,349

 

32,234

Provision for credit losses

 

200

 

4,182

Net interest income after provision for credit losses

 

33,149

 

28,052

Noninterest income:

 

 

Service charges

 

1,634

 

1,599

Income from Ansay

 

979

 

1,071

Income from UFS, LLC (“UFS”)

 

 

890

Loan servicing income

 

726

 

636

Valuation adjustment on MSR

(312)

779

Net gain on sales of mortgage loans

 

219

 

140

Other

 

1,151

 

734

Total noninterest income

 

4,397

 

5,849

Noninterest expense:

 

 

Salaries, commissions, and employee benefits

 

10,893

 

9,912

Occupancy

 

1,584

 

1,591

Data processing

 

2,389

 

1,864

Postage, stationery, and supplies

 

238

 

380

Net gain on sales and valuations of OREO

(47)

Net loss on sale of securities

34

75

Advertising

 

95

 

81

Charitable contributions

 

176

 

223

Outside service fees

 

1,293

 

2,202

Amortization of intangibles

 

1,500

 

1,422

Other

 

2,169

 

1,914

Total noninterest expense

 

20,324

 

19,664

Income before provision for income taxes

 

17,222

 

14,237

Provision for income taxes

 

1,810

 

3,557

Net Income

$

15,412

$

10,680

Earnings per share - basic

$

1.51

$

1.09

Earnings per share - diluted

$

1.51

$

1.09

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

March 31, 

    

2024

    

2023

Net Income

$

15,412

$

10,680

Other comprehensive income (loss):

 

 

Unrealized gains (losses) on available for sale securities:

 

  

 

  

Unrealized holding gains (losses) arising during period

 

(853)

 

3,226

Reclassification adjustment for losses included in net income

 

34

 

75

Income tax benefit (expense)

 

154

 

(891)

Total other comprehensive income (loss)

 

(665)

 

2,410

Comprehensive income

$

14,747

$

13,090

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, 2023

$

$

101

$

218,263

$

295,496

$

(45,191)

$

(15,566)

$

453,103

Net income

 

 

 

 

10,680

 

 

 

10,680

Other comprehensive income

 

 

 

 

 

 

2,410

 

2,410

Purchase of treasury stock

 

 

 

 

 

(6,727)

 

 

(6,727)

Sale of treasury stock

 

 

 

 

 

37

 

 

37

Cash dividends ($0.25 per share)

 

 

 

(2,616)

 

 

(2,616)

Amortization of stock-based compensation

 

 

456

 

 

 

456

Vesting of restricted stock awards

 

 

 

(1,585)

 

 

1,585

 

 

Adoption of new accounting pronouncement

 

(10,050)

 

(10,050)

Shares issued in the acquisition of Hometown Bancorp, Ltd. (1,450,272 shares)

 

 

14

 

115,065

 

 

 

 

115,079

Balance at March 31, 2023

$

$

115

$

332,199

$

293,510

$

(50,296)

$

(13,156)

$

562,372

Balance at January 1, 2024

$

$

115

$

333,815

$

348,001

$

(53,387)

$

(8,746)

$

619,798

Net income

 

 

 

 

15,412

 

 

 

15,412

Other comprehensive loss

 

 

 

 

 

 

(665)

 

(665)

Purchase of treasury stock

 

 

 

 

 

(22,283)

 

 

(22,283)

Sale of treasury stock

 

 

 

 

 

55

 

 

55

Cash dividends ($0.35 per share)

 

 

 

 

(3,541)

 

 

 

(3,541)

Amortization of stock-based compensation

 

 

 

554

 

 

 

 

554

Vesting of restricted stock awards

 

 

 

(2,145)

 

 

2,145

 

 

Balance at March 31, 2024

$

$

115

$

332,224

$

359,872

$

(73,470)

$

(9,411)

$

609,330