Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

July 18, 2023

Bank First Corporation

(Exact name of registrant as specified in its charter)

Wisconsin	001-38676	39-1435359
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

402 North 8th Street, Manitowoc, WI	54220
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code

(920) 652-3100

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class	Ticker symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BFC	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

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

Item 2.02

Results of Operations and Financial Condition.

On July 18, 2023, Bank First Corporation (the “Company”) announced its earnings for the quarter ended June 30, 2023. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

Pursuant to General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section. Furthermore, the information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description of Exhibit

99.1		Press Release, dated July 18, 2023
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		BANK FIRST CORPORATION

Date:	July 18, 2023	By:	/s/ Kevin M. LeMahieu
			Kevin M. LeMahieu
			Chief Financial Officer

Exhibit 99.1

NEWS

release

P.O. Box 10, Manitowoc, WI 54221-0010

For further information, contact:

Kevin M LeMahieu, Chief Financial Officer

Phone: (920) 652-3200 / klemahieu@bankfirst.com

FOR IMMEDIATE RELEASE

Bank First Announces Net Income for the Second Quarter of 2023

Net income of $14.1 million and $24.8 million for the three and six months ended June 30, 2023, respectively

Earnings per common share of $1.37 and $2.46 for the three and six months ended June 30, 2023, respectively

Annualized return on average assets of 1.38% and 1.25% for the three and six months ended June 30, 2023, respectively

Quarterly cash dividend of $0.30 per share declared, matching the prior quarter and a 20.0% increase from the prior-year second quarter

MANITOWOC, Wis, July 18, 2023 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $14.1 million, or $1.37 per share, for the second quarter of 2023, compared with net income of $11.7 million, or $1.55 per share, for the prior-year second quarter. For the six months ended June 30, 2023, Bank First earned $24.8 million, or $2.46 per share, compared to $21.8 million, or $2.89 per share for the same period in 2022. 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 $14.6 million, or $1.41 per share, for the second quarter of 2023, compared with $12.1 million, or $1.61 per share, for the prior-year second quarter. For the first six months of 2023 adjusted net income (non-GAAP) totaled $29.3 million, or $2.91 per share, compared to $22.6 million, or $2.99 per share for the same period in 2022.

Operating Results

Net interest income (“NII”) during the second quarter of 2023 was $34.3 million, up $2.0 million from the previous quarter and up $10.8 million from the second quarter of 2022. The impact of purchase accounting increased NII by $2.5 million, or $0.18 per share after tax, during the second quarter of 2023, compared to $2.2 million, or $0.17 per share after tax, during the previous quarter and $0.4 million, or $0.04 per share after tax, during the second quarter of 2022.

Net interest margin (“NIM”) was 3.77% for the second quarter of 2023, compared to 3.74% for the previous quarter and 3.21% for the second quarter of 2022. NII from purchase accounting increased NIM by 0.27%, 0.26% and 0.05% 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 2023, average rates earned on interest-earning assets also saw a significant increase due to continual repricing of variable-rate loans as well as fixed-rate loans which matured and were renewed during the quarter. The beneficial impact of the Bank’s continuing high percentage of noninterest-bearing deposits (32.3% of the Bank’s total core deposits at June 30, 2023) also had a positive impact, adding 65 basis points to NIM during the second quarter of 2023 compared to 51 basis points and 14 basis points for the prior quarter and second quarter of 2022, respectively.

Bank First did not record a provision for credit losses during the second quarter of 2023, compared to recording a provision of $4.2 million during the previous quarter and $0.5 million during the second quarter of 2022. Provision expense was $4.2 million for the first six months of 2023 compared to $1.7 million for the same period during 2022. 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 as required under the Current Expected Credit Losses (“CECL”) methodology, which the Bank adopted on January 1, 2023. The lack of a provision for credit losses during the second quarter of 2023 was the result of a negligible contraction in the Bank’s loan portfolio during that quarter as well as continued strong asset quality metrics discussed later in this release. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.1 million through the first six months of 2023, compared to recoveries exceeding charge-offs by $0.7 million through the first six months of 2022.

Noninterest income was $4.1 million for the second quarter of 2023, compared to $5.8 million and $5.6 million for the prior quarter and second quarter of 2022, respectively. Service charge income increased by $0.2 million, or 10.4%, and $0.3 million, or 22.6%, from the prior quarter and prior-year second quarter, respectively, as a result of the added scale from the acquisitions of Denmark Bancshares, Inc. (“Denmark”) and Hometown. Income provided by the Bank’s investments in Ansay & Associates and UFS increased by $0.1 million and $0.2 million from the prior-year second quarter, representing 16.0% and 36.8% increases, respectively, while each declined $0.1 million from the prior quarter. Loan servicing income from loans previously sold to the secondary market with servicing rights, and therefore servicing income, retained by the Bank increased by $0.1 million, or 17.8%, and $0.3 million, or 67.2%, from the prior quarter and prior-year second quarter, respectively. Sold but serviced loan portfolios acquired from Denmark and Hometown totaled $159.5 million and $343.6 million, respectively, leading to this increase in loan servicing income. The Bank experienced a $0.5 million negative valuation adjustment to its mortgage servicing rights asset during the second quarter of 2023 which compared unfavorably to $0.8 million and $1.5 million positive valuation adjustments during the prior quarter and prior-year second quarter, respectively. Finally, net losses on sales of OREO totaled $0.5 million during the second quarter of 2023 compared to no corresponding loss in the prior quarter and a negligible loss during the second quarter of 2022. These current quarter losses related to operating locations acquired from Hometown and Denmark, as well as one from a previously acquired institution, which were not utilized as operating locations by Bank First. At the start of the second quarter of 2023 Bank First held nine such buildings, but finished the quarter with only four as a result of these sales.

Noninterest expense was $19.5 million in the second quarter of 2023, compared to $19.7 million during the prior quarter and $13.2 million during the second quarter of 2022. Most areas of noninterest expense have increased over the past four quarters as a result of added operational scale from the acquisitions of Denmark and Hometown, which increased the Bank’s total assets by $1.13 billion, or 38.2%, from the end of the second quarter of 2022 to the end of the second quarter of 2023. In addition to this trend, expenses directly attributable to these acquisitions totaling $0.2 million, $1.3 million and $0.6 million during the second and first quarters of 2023 and second quarter of 2022, respectively, have caused volatility in several noninterest expense areas, most notably personnel, occupancy and outside service fee expenses. Core deposit intangible assets of $15.1 million and $16.5 million created by the Denmark and Hometown acquisitions, respectively, created an increase in amortization of intangible assets expense over the last several quarters.

Balance Sheet

Total assets were $4.09 billion at June 30, 2023, a $431.6 million increase from December 31, 2022, and a $1.13 billion increase from June 30, 2022. The preliminary fair value of assets acquired in the Denmark acquisition during the third quarter of 2022 and the Hometown acquisition during the first quarter of 2023 totaled approximately $687.5 million and $614.4 million, respectively.

Total loans were $3.31 billion at June 30, 2023, up $420.5 million from December 31, 2022, and up $926.9 million from June 30, 2022.

Total deposits, nearly all of which remain core deposits, were $3.41 billion at June 30, 2023, up $345.5 million from December 31, 2022, and up $804.3 million from June 30, 2022. As mentioned earlier in this release, noninterest-bearing demand deposits comprised 32.3% of the Bank’s total core deposits at June 30, 2023, compared to 31.1% and 31.7% at December 31 and June 30, 2022, respectively.

Asset Quality

Nonperforming assets at June 30, 2023 remained negligible, totaling $7.2 million compared to $6.7 million and $5.3 million at the end of the fourth and second quarters of 2022, respectively. Nonperforming assets to total assets ended the second quarter of 2023 at 0.18%, matching the level from the end of the fourth and second quarters of 2022. Nonperforming assets at June 30, 2023 included four properties valued at $2.2 million that were previously operating branch locations of acquired institutions which are no longer part of the Bank’s branch network. These properties have all been listed for sale.

Capital Position

Stockholders’ equity totaled $570.9 million at June 30, 2023, an increase of $117.8 million from the end of 2022 and $256.7 million from June 30, 2022. The acquisitions of Denmark and Hometown increased total stockholders’ equity by $124.8 million and $115.1 million, respectively. Bank First’s tangible common equity (non-GAAP) increased by $39.5 million and $110.2 million during the first half of 2023 and trailing twelve months, respectively. The Bank’s book value per common share totaled $54.95 at June 30, 2023 compared to $50.22 at December 31, 2022 and $42.06 at June 30, 2022. Tangible book value per common share (non-GAAP) totaled $35.18 at June 30, 2023 compared to $36.14 at December 31, 2022 and $34.18 at June 30, 2022.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.30 per common share, payable on October 4, 2023, to shareholders of record as of September 20, 2023. This dividend represents a 20.0% increase over the dividend declared one year earlier.

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 28 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 398 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 through the Bank’s partnership with Legacy Private Trust and an alliance with Morgan Stanley. The Bank is a co-owner of a bank technology outfitter, UFS, LLC, which provides digital, core, cybersecurity, managed information technology and private cloud services. 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 mergers with Denmark and 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, 2022, 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
	6/30/2023			3/31/2023			12/31/2022			9/30/2022			6/30/2022			6/30/2023			6/30/2022
Results of Operations:
Interest income	$	45,929		$	40,902		$	35,754		$	30,740		$	25,820		$	86,831		$	50,040
Interest expense		11,657			8,668			5,132			3,047			2,340			20,325			4,270
Net interest income		34,272			32,234			30,622			27,693			23,480			66,506			45,770
Provision for credit losses *		-			4,182			500			-			500			4,182			1,700
Net interest income after provision for credit losses *		34,272			28,052			30,122			27,693			22,980			62,324			44,070
Noninterest income		4,065			5,849			3,896			5,166			5,551			9,914			10,785
Noninterest expense		19,457			19,664			17,254			18,895			13,219			39,121			25,950
Income before income tax expense		18,880			14,237			16,764			13,964			15,312			33,117			28,905
Income tax expense		4,748			3,557			3,920			3,431			3,658			8,305			7,068
Net income	$	14,132		$	10,680		$	12,844		$	10,533		$	11,654		$	24,812		$	21,837

Earnings per common share - basic	$	1.39		$	1.09		$	1.43		$	1.26		$	1.55		$	2.48		$	2.89
Earnings per common share - diluted		1.37			1.09			1.43			1.26			1.55			2.46			2.89

Common Shares:
Basic weighted average		10,331,725			9,714,184			8,962,400			8,205,914			7,457,443			10,024,559			7,498,739
Diluted weighted average		10,346,575			9,737,879			8,993,685			8,228,197			7,472,561			10,047,287			7,517,767
Outstanding		10,389,240			10,407,114			9,021,697			9,028,629			7,470,255			10,389,240			7,470,255

Noninterest income / noninterest expense:
Service charges	$	1,766		$	1,599		$	1,564		$	1,383		$	1,441		$	3,365		$	2,863
Income from Ansay		950			1,071			242			671			819			2,021			1,645
Income from UFS		770			890			935			852			563			1,660			1,268
Loan servicing income		749			636			545			491			448			1,385			886
Valuation adjustment on mortgage servicing rights		(548	)		779			19			885			1,511			231			1,961
Net gain on sales of mortgage loans		236			140			222			264			403			376			1,074
Net gain (loss) on other real estate owned		(489	)		-			-			-			(25	)		(489	)		146
Other noninterest income		631			734			369			620			391			1,365			942
Total noninterest income	$	4,065		$	5,849		$	3,896		$	5,166		$	5,551		$	9,914		$	10,785

Personnel expense	$	9,870		$	9,912		$	8,162		$	10,812		$	7,006		$	19,782		$	14,181
Occupancy, equipment and office		1,317			1,591			1,962			1,176			1,214			2,908			2,329
Data processing		2,094			1,864			1,971			1,577			1,431			3,958			2,776
Postage, stationery and supplies		224			380			229			215			144			604			327
Advertising		85			81			66			61			55			166			144
Charitable contributions		228			223			165			150			235			451			403
Outside service fees		1,347			2,202			1,631			2,538			1,386			3,549			2,558
Net loss on sales of securities		-			75			-			-			-			75			-
Amortization of intangibles		1,672			1,422			980			751			294			3,094			587
Other noninterest expense		2,620			1,914			2,088			1,615			1,454			4,534			2,645
Total noninterest expense	$	19,457		$	19,664		$	17,254		$	18,895		$	13,219		$	39,121		$	25,950

Period-end balances:
Cash and cash equivalents	$	111,326		$	169,691		$	119,350		$	143,441		$	43,986		$	111,326		$	43,986
Investment securities available-for-sale, at fair value		191,303			197,895			304,637			303,280			292,426			191,303			292,426
Investment securities held-to-maturity, at cost		77,708			78,032			45,097			40,826			33,867			77,708			33,867
Loans		3,314,481			3,323,296			2,893,978			2,859,293			2,387,617			3,314,481			2,387,617
Allowance for credit losses - loans *		(43,409	)		(43,316	)		(22,680	)		(23,045	)		(22,699	)		(43,409	)		(22,699	)
Premises and equipment		66,958			63,736			56,448			57,019			50,608			66,958			50,608
Goodwill and core deposit intangible, net		205,329			207,022			127,036			129,361			58,805			205,329			58,805
Mortgage servicing rights		13,504			14,052			9,582			9,563			6,977			13,504			6,977
Other assets		154,871			156,820			126,984			121,016			109,440			154,871			109,440
Total assets		4,092,071			4,167,228			3,660,432			3,640,754			2,961,027			4,092,071			2,961,027

Deposits		3,405,736			3,463,235			3,060,229			3,138,201			2,601,479			3,405,736			2,601,479
Securities sold under repurchase agreements		23,802			46,636			97,196			21,963			16,125			23,802			16,125
Borrowings		70,269			70,994			25,429			26,069			19,235			70,269			19,235
Other liabilities		21,392			23,991			24,475			15,106			10,026			21,392			10,026
Total liabilities		3,521,199			3,604,856			3,207,329			3,201,339			2,646,865			3,521,199			2,646,865

Stockholders' equity		570,872			562,372			453,103			439,415			314,162			570,872			314,162

Book value per common share	$	54.95		$	54.04		$	50.22		$	48.67		$	42.06		$	54.95		$	42.06
Tangible book value per common share (non-GAAP)	$	35.18		$	34.14		$	36.14		$	34.34		$	34.18		$	35.18		$	34.18
Average balances:
Loans	$	3,312,353		$	3,135,438		$	2,860,967		$	2,640,397		$	2,341,954		$	3,224,384		$	2,307,147
Interest-earning assets		3,683,143			3,524,672			3,316,406			3,062,921			2,975,376			3,604,344			2,988,202
Total assets		4,100,549			3,901,713			3,633,251			3,349,615			3,186,384			4,001,680			3,198,603
Deposits		3,407,650			3,269,838			3,111,328			2,911,561			2,566,520			3,339,123			2,555,060
Interest-bearing liabilities		2,437,034			2,334,956			2,198,549			2,034,158			2,053,369			2,386,276			2,066,697
Goodwill and other intangibles, net		206,209			160,156			111,440			90,962			58,987			183,310			59,135
Stockholders' equity		567,531			520,212			446,579			401,130			317,484			544,002			320,153

Financial ratios:
Return on average assets **		1.38	%		1.11	%		1.40	%		1.25	%		1.47	%		1.25	%		1.38	%
Return on average common equity **		9.99	%		8.33	%		11.41	%		10.42	%		14.72	%		9.20	%		13.75	%
Average equity to average assets		13.84	%		13.33	%		12.29	%		11.98	%		9.96	%		13.59	%		10.01	%
Stockholders' equity to assets		13.95	%		13.50	%		12.38	%		12.07	%		10.61	%		13.95	%		10.61	%
Tangible equity to tangible assets (non-GAAP)		9.40	%		8.97	%		9.23	%		8.83	%		8.80	%		9.40	%		8.80	%
Loan yield **		5.20	%		4.96	%		4.58	%		4.29	%		4.06	%		5.08	%		4.04	%
Earning asset yield **		5.04	%		4.74	%		4.32	%		4.03	%		3.53	%		4.89	%		3.42	%
Cost of funds **		1.92	%		1.51	%		0.93	%		0.59	%		0.46	%		1.72	%		0.42	%
Net interest margin, taxable equivalent **		3.77	%		3.74	%		3.71	%		3.63	%		3.21	%		3.76	%		3.13	%
Net loan charge-offs to average loans **		-0.01	%		0.00	%		0.12	%		-0.05	%		-0.08	%		-0.01	%		-0.06	%
Nonperforming loans to total loans		0.15	%		0.14	%		0.15	%		0.17	%		0.22	%		0.15	%		0.22	%
Nonperforming assets to total assets		0.18	%		0.22	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Allowance for credit losses - loans to total loans*		1.31	%		1.30	%		0.78	%		0.81	%		0.95	%		1.31	%		0.95	%

Non-GAAP Financial Measures
Adjusted net income reconciliation
Net income (GAAP)	$	14,132		$	10,680		$	12,844		$	10,533		$	11,654		$	24,812		$	21,837
Acquisition related expenses		171			1,342			1,381			4,638			556			1,513			1,034
Provision for credit losses related to acquisition		-			3,552			-			-			-			3,552			-
Losses (gains) on sales of securities and OREO		489			75			-			-			25			564			(146	)
Adjusted net income before income tax impact		14,792			15,649			14,225			15,171			12,235			30,441			22,725
Income tax impact of adjustments		(165	)		(971	)		(347	)		(1,129	)		(140	)		(1,136	)		(133	)
Adjusted net income (non-GAAP)	$	14,627		$	14,678		$	13,878		$	14,042		$	12,095		$	29,305		$	22,592

Adjusted earnings per share calculation
Adjusted net income (non-GAAP)	$	14,627		$	14,678		$	13,878		$	14,042		$	12,095		$	29,305		$	22,592
Basic weighted average common shares outstanding		10,331,725			9,714,184			8,962,400			8,205,914			7,457,443			10,024,559			7,498,739
Adjusted earnings per share (non-GAAP)	$	1.42		$	1.50		$	1.54		$	1.70		$	1.61		$	2.92		$	2.99

Annualized return of adjusted earnings on average assets calculation
Adjusted net income (non-GAAP)	$	14,627		$	14,678		$	13,878		$	14,042		$	12,095		$	29,305		$	22,592
Average total assets	$	4,100,549		$	3,901,713		$	3,633,251		$	3,349,615		$	3,186,384		$	4,001,680		$	3,198,603
Annualized return of adjusted earnings on average assets (non-GAAP)		1.43	%		1.53	%		1.55	%		1.70	%		1.54	%		1.48	%		1.42	%

Tangible assets reconciliation
Total assets (GAAP)	$	4,092,071		$	4,167,228		$	3,660,432		$	3,640,754		$	2,961,027		$	4,092,071		$	2,961,027
Goodwill		(175,104	)		(175,125	)		(110,206	)		(111,551	)		(55,357	)		(175,104	)		(55,357	)
Core deposit intangible, net of amortization		(30,225	)		(31,897	)		(16,829	)		(17,810	)		(3,448	)		(30,225	)		(3,448	)
Tangible assets (non-GAAP)	$	3,886,742		$	3,960,206		$	3,533,397		$	3,511,393		$	2,902,222		$	3,886,742		$	2,902,222

Tangible common equity reconciliation
Total stockholders’ equity (GAAP)	$	570,872		$	562,372		$	453,103		$	439,415		$	314,162		$	570,872		$	314,162
Goodwill		(175,104	)		(175,125	)		(110,206	)		(111,551	)		(55,357	)		(175,104	)		(55,357	)
Core deposit intangible, net of amortization		(30,225	)		(31,897	)		(16,829	)		(17,810	)		(3,448	)		(30,225	)		(3,448	)
Tangible common equity (non-GAAP)	$	365,543		$	355,350		$	326,068		$	310,054		$	255,357		$	365,543		$	255,357

Tangible book value per common share calculation
Tangible common equity (non-GAAP)	$	365,543		$	355,350		$	326,068		$	310,054		$	255,357		$	365,543		$	255,357
Common shares outstanding at the end of the period		10,389,240			10,407,114			9,021,697			9,028,629			7,470,255			10,389,240			7,470,255
Tangible book value per common share (non-GAAP)	$	35.18		$	34.14		$	36.14		$	34.34		$	34.18		$	35.18		$	34.18

Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)	$	365,543		$	355,350		$	326,068		$	310,054		$	255,357		$	365,543		$	255,357
Tangible assets (non-GAAP)	$	3,886,742		$	3,960,206		$	3,533,397		$	3,511,393		$	2,902,222		$	3,886,742		$	2,902,222
Tangible equity to tangible assets (non-GAAP)		9.40	%		8.97	%		9.23	%		8.83	%		8.80	%		9.40	%		8.80	%

* Prior to January 1, 2023, the incurred loss methodology was used to estimate credit losses. Subsequent to that date credit losses are estimated using the CECL methodology.

** 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, 2023									June 30, 2022
	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	$	3,209,040			167,425			5.22	%	$	2,245,335		$	90,810			4.04	%
Tax-exempt		103,313			4,690			4.54	%		96,619			4,224			4.37	%
Securities
Taxable (available for sale)		181,969			5,332			2.93	%		236,441			4,857			2.05	%
Tax-exempt (available for sale)		35,496			1,124			3.17	%		77,372			2,083			2.69	%
Taxable (held to maturity)		73,271			2,631			3.59	%		27,700			710			2.56	%
Tax-exempt (held to maturity)		4,228			110			2.60	%		5,296			136			2.57	%
Cash, due from banks and other		75,826			4,155			5.48	%		286,613			2,099			0.73	%
Total interest-earning assets		3,683,143			185,467			5.04	%		2,975,376			104,919			3.53	%
Noninterest-earning assets		460,748									233,096
Allowance for credit losses - loans		(43,342	)								(22,088	)
Total assets	$	4,100,549								$	3,186,384
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	294,149		$	5,275			1.79	%	$	233,793		$	422			0.18	%
Savings accounts		856,852			10,137			1.18	%		607,151			2,326			0.38	%
Money market accounts		667,577			12,444			1.86	%		671,617			2,145			0.32	%
Certificates of deposit		497,527			12,463			2.50	%		230,217			1,816			0.79	%
Brokered Deposits		4,490			129			2.87	%		9,238			272			2.94	%
Total interest-bearing deposits		2,320,595			40,448			1.74	%		1,752,016			6,981			0.40	%
Other borrowed funds		116,439			6,309			5.42	%		301,353			2,409			0.80	%
Total interest-bearing liabilities		2,437,034			46,757			1.92	%		2,053,369			9,390			0.46	%
Noninterest-bearing liabilities
Demand Deposits		1,087,055									814,504
Other liabilities		8,929									1,027
Total Liabilities		3,533,018									2,868,900
Stockholders' equity		567,531									317,484
Total liabilities & stockholders' equity	$	4,100,549								$	3,186,384
Net interest income on a fully taxable equivalent basis					138,710									95,529
Less taxable equivalent adjustment					(1,244	)								(1,353	)
Net interest income				$	137,466								$	94,176
Net interest spread (3)								3.12	%								3.07	%
Net interest margin (4)								3.77	%								3.21	%

(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, 2023									June 30, 2022
	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	$	3,122,738		$	159,219			5.10	%	$	2,210,344		$	88,990			4.03	%
Tax-exempt		101,646			4,597			4.52	%		96,803			4,209			4.35	%
Securities
Taxable (available for sale)		210,753			5,879			2.79	%		214,990			5,040			2.34	%
Tax-exempt (available for sale)		40,689			1,271			3.12	%		80,922			2,117			2.62	%
Taxable (held to maturity)		63,789			2,311			3.62	%		13,926			357			2.56	%
Tax-exempt (held to maturity)		4,704			122			2.59	%		5,599			144			2.57	%
Cash, due from banks and other		60,025			2,961			4.93	%		365,618			1,412			0.39	%
Total interest-earning assets		3,604,344			176,360			4.89	%		2,988,202			102,269			3.42	%
Noninterest-earning assets		437,328									231,828
Allowance for loan losses		(39,992	)								(21,427	)
Total assets	$	4,001,680								$	3,198,603
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	294,648		$	4,831			1.64	%	$	235,778		$	347			0.15	%
Savings accounts		839,702			8,670			1.03	%		589,869			2,123			0.36	%
Money market accounts		666,530			11,020			1.65	%		677,475			2,031			0.30	%
Certificates of deposit		474,225			10,675			2.25	%		233,636			1,853			0.79	%
Brokered Deposits		5,597			163			2.91	%		10,455			305			2.92	%
Total interest-bearing deposits		2,280,702			35,359			1.55	%		1,747,213			6,659			0.38	%
Other borrowed funds		105,574			5,629			5.33	%		319,484			1,952			0.61	%
Total interest-bearing liabilities		2,386,276			40,988			1.72	%		2,066,697			8,611			0.42	%
Noninterest-bearing liabilities
Demand Deposits		1,058,421									807,847
Other liabilities		12,981									3,906
Total Liabilities		3,457,678									2,878,450
Stockholders' equity		544,002									320,153
Total liabilities & stockholders' equity	$	4,001,680								$	3,198,603
Net interest income on a fully taxable equivalent basis					135,372									93,658
Less taxable equivalent adjustment					(1,257	)								(1,359	)
Net interest income				$	134,115								$	92,299
Net interest spread (3)								3.18	%								3.01	%
Net interest margin (4)								3.76	%								3.13	%

(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.

Cover	Jul. 18, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 18, 2023
Entity File Number	001-38676
Entity Registrant Name	Bank First Corporation
Entity Central Index Key	0001746109
Entity Tax Identification Number	39-1435359
Entity Incorporation, State or Country Code	WI
Entity Address, Address Line One	402 North 8th Street
Entity Address, City or Town	Manitowoc
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54220
City Area Code	920
Local Phone Number	652-3100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BFC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true