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)

January 16, 2024

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 ¨

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. ¨

Item 2.02

Results of Operations and Financial Condition.

On January 16, 2024, Bank First Corporation (the “Company”) announced its earnings for the quarter ended December 31, 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 January 16, 2024
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: January 16, 2024	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 Fourth Quarter of 2023

Net income of $34.9 million and $74.5 million for the three months and year ended December 31, 2023, respectively

Earnings per common share of $3.39 and $7.28 for the three months and year ended December 31, 2023, respectively

Annualized return on average assets of 3.34% and 1.83% for the three months and year ended December 31, 2023, respectively

$38.9 million pre-tax gain on sale of member interest in UFS, LLC, contributing to $4.18, or 7.50%, and $4.30, or 11.95%, growth in book value per common share and tangible book value per common share (non-GAAP), respectively, during the fourth quarter of 2023

Quarterly cash dividend of $0.35 per share declared, an increase of 16.7% from the prior-quarter and 40.0% from the prior-year fourth quarter

MANITOWOC, Wis, January 16, 2024 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $34.9 million, or $3.39 per common share, for the fourth quarter of 2023, compared with net income of $12.8 million, or $1.43 per share, for the prior-year fourth quarter. For the year ended December 31, 2023, Bank First earned $74.5 million, or $7.28 per common share, compared to $45.2 million, or $5.58 per share for the full year of 2022.

Financial results for the fourth quarter of 2023 included several significant one-time transactions:

The Bank sold 100% of its member interest in UFS, LLC (“UFS”) in a transaction which closed on October 1, 2023, resulting in a pre-tax gain on sale of $38.9 million.

The Bank repaid $11.5 million in subordinated debt owed to three financial institutions, reducing future interest expense for the Bank by over $1.0 million annually.

The Bank redeemed $8.3 million in debt securities related to the Hometown Bancorp, Ltd. Capital Trust II (”Trust II”) in the fourth quarter of 2023 and informed holders of securities of Hometown Bancorp, Ltd. Capital Trust I (“Trust I”) of its intent to redeem $4.1 million in debt securities related to that trust on January 7, 2024. These redemptions reduce future interest expense for the Bank by over $1.1 million annually, but also led to the accelerated amortization of $1.4 million in fair value adjustments assigned to these liabilities when they were acquired along with Hometown Bancorp Ltd. (“Hometown”) earlier in 2023. The impact of this acceleration was recorded in interest expense for the fourth quarter of 2023.

The Bank sold available for sale US Treasury securities with a par value of $50.0 million resulting in a realized loss on sale totaling $7.8 million, recorded in noninterest expense. These securities had an average yield of 1.36%. Proceeds of these sales were reinvested in a combination of short and long-term investments with an average yield of 4.98%, increasing future interest income by over $1.8 million annually.

The Bank vacated the former corporate headquarters of Hometown, moving this building to other real estate owned (“OREO”), and revalued four other OREO properties (all former bank branches) leading to a combined loss on OREO valuations of $1.6 million.

The Bank will be closing a branch location during the first quarter of 2024 concurrent with opening a new flagship location in its Green Bay, WI market. The closed branch will be moved to OREO at an expected valuation significantly below its carrying value, leading the Bank to impair the cost basis of this branch building by $0.4 million. This impairment expense is included in “other noninterest expense” in the financial reports attached to this release.

After removing the impact of these one-time transactions as well as a severance charge discussed later in this release, the Bank reported adjusted net income (non-GAAP) of $14.8 million, or $1.44 per share, for the fourth quarter of 2024, compared with $13.9 million, or $1.54 per share, for the prior-year fourth quarter. For the year ended December 31, 2023, adjusted net income (non-GAAP) totaled $59.2 million, or $5.82 per share, compared to $50.5 million, or $6.28 per share for the full year of 2022.

Operating Results

Net interest income (“NII”) during the fourth quarter of 2023 was $32.9 million, down $1.1 million from the previous quarter but up $2.3 million from the fourth quarter of 2022. The previously mentioned accelerated fair value amortization related to the redemption of Trust I and Trust II led to a one-time $1.4 million reduction in NII in the fourth quarter of 2023. The impact of purchase accounting (including the $1.4 million reduction related to Trust I and Trust II) increased NII by $0.3 million, or $0.03 per share after tax, during the fourth quarter of 2023, compared to $1.3 million, or $0.13 per share after tax, during the previous quarter and $0.9 million, or $0.10 per share after tax, during the fourth quarter of 2022.

Net interest margin (“NIM”) was 3.53% for the fourth quarter of 2023, compared to 3.71% for the previous quarter and the fourth quarter of 2022. NII from purchase accounting increased NIM by 0.01% during the fourth quarter of 2023, compared to 0.19% and 0.15% for the previous quarter and fourth quarter of 2022, respectively. While the Bank’s average rate paid on interest-bearing liabilities rose throughout 2023, increasing average rates earned on interest-earning assets as well as the beneficial impact of the Bank’s continuing high percentage of noninterest-bearing deposits (31.7% of the Bank’s total core deposits at December 31, 2023) have allowed the Bank’s net interest margin, excluding purchase accounting impacts, to expand quarter-over-quarter for the second and third quarter of 2023 and remain level from the third to the fourth quarter.

Bank First recorded a provision for credit losses totaling $0.5 million during the fourth quarter of 2023, matching the fourth quarter of 2022. $0.2 million of this fourth quarter 2023 provision related to potential credit losses in the loan portfolio and $0.3 million related to potential credit losses in unfunded loan commitments. No provision for credit losses was recorded during the previous two quarters. Provision expense was $4.7 million for the full year of 2023 compared to $2.2 million for the full year of 2022. The acquisition of the loan portfolio of 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 minimal provisions for credit losses during the final three quarters of 2023 was the result of 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 during the year ended December 31, 2023, compared to recoveries exceeding charge-offs by $0.2 million during the previous year.

Noninterest income was $42.5 million for the fourth quarter of 2023, compared to $5.3 million and $3.9 million for the prior quarter and fourth quarter of 2022, respectively. The largest differentiator in quarterly noninterest income during the fourth quarter of 2023 was the aforementioned gain on sale of UFS, which totaled $38.9 million. Service charge income totaled $1.8 million during the fourth quarter of 2023, matching the prior quarter but increasing by $0.3 million, or 18.1%, from the prior-year fourth quarter as a result of the added scale from the acquisitions of Denmark Bancshares, Inc. (“Denmark”) during 2022 and Hometown earlier in 2023. Income provided by the Bank’s investment in Ansay & Associates, which typically reaches its seasonal low during the fourth quarter of each year, decreased by $0.1 million from the prior-year fourth quarter while declining $0.7 million from the prior quarter. Income from this investment increased by $0.4 million, or 14.2%, for the full year of 2023 compared to the full year of 2022. Income from UFS was overestimated by $0.2 million during the third quarter of 2023 requiring an immaterial adjustment in the fourth quarter. Loan servicing income from loans previously sold to the secondary market with servicing rights, and therefore servicing income, retained by the Bank matched the prior quarter but increased by $0.2 million, or 36.0% from the prior-year fourth quarter. Sold but serviced loan portfolios acquired from Hometown totaled $343.6 million, leading to this increase in loan servicing income. The Bank experienced a $0.1 million negative valuation adjustment to its mortgage servicing rights asset during the fourth quarter of 2023 which compared unfavorably to a $0.2 million positive adjustment in the prior quarter and a negligible adjustment during the prior-year fourth quarter.

Noninterest expense was $28.9 million for the fourth quarter of 2023, compared to $19.6 million during the prior quarter and $17.3 million during the fourth quarter of 2022. The previously mentioned loss on sale of available for sale US Treasury securities and various valuation adjustments to OREO (including $0.4 million recorded in “other noninterest expense”) elevated noninterest expense during the fourth quarter of 2023 by $9.8 million. A reorganization of the management structure over commercial banking, intended to improve operating efficiency and consistency across the Bank, led to a one-time severance expense of $0.4 million during the fourth quarter of 2023, recorded in personnel expense. Outside of these events, most areas of noninterest expense have increased over the past five quarters as a result of added operational scale from the acquisitions of Denmark and Hometown. Expenses directly attributable to these acquisitions have also caused volatility in several noninterest expense areas, most notably occupancy and outside service fee expenses during the fourth quarter of 2022 and the first quarter of 2023. Core deposit intangible assets of $15.1 million and $16.5 million created by the Denmark and Hometown acquisitions, respectively, have also created an increase in amortization of intangible assets expense over the last six quarters which totaled $6.3 million during the full year 2023 compared to $2.3 million for the prior-year.

While we anticipate a decrease in the Bank’s effective income tax rate in future quarters as a result of the current Wisconsin state budget, signed by Governor Evers on July 5, 2023, which included a provision offering an income tax exclusion on certain commercial and agricultural loans to borrowers who reside or are located in the state of Wisconsin, the large gain on sale of UFS in the current quarter pushed total income before income tax expense well beyond any significant impact of the tax benefit from this income exclusion.

Balance Sheet

Total assets were $4.22 billion at December 31, 2023, a $561.4 million increase from December 31, 2022. The preliminary fair value of assets acquired in the Hometown acquisition during the first quarter of 2023 totaled approximately $614.4 million.

Total loans were $3.34 billion at December 31, 2023, up $449.0 million from December 31, 2022. Loans contracted slightly during the fourth quarter of 2023.

Total deposits, nearly all of which remain core deposits, were $3.43 billion at December 31, 2023, up $372.7 million from December 31, 2022. As mentioned earlier in this release, noninterest-bearing demand deposits comprised 31.7% of the Bank’s total core deposits at December 31, 2023, compared to 31.1% at December 31, 2022.

Asset Quality

Nonperforming assets at December 31, 2023 totaled $9.1 million compared to $6.7 million at the end of the prior year. Nonperforming assets to total assets ended the fourth quarter of 2023 at 0.21%, up slightly from 0.18% at the end of the prior year. Nonperforming assets at December 31, 2023 included five properties valued at $2.5 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 $619.8 million at December 31, 2023, an increase of $166.7 million from the end of 2022. The acquisition of Hometown during the first quarter of 2023 increased total stockholders’ equity by $115.1 million. Strong earnings along with a significant reduction in unrealized losses in the Bank’s available-for-sale securities led to a $42.5 million increase in total stockholders’ equity during the fourth quarter of 2023. Bank First’s tangible common equity (non-GAAP) increased by $91.6 million during the full year of 2023. The Bank’s book value per common share totaled $59.80 at December 31, 2023 compared to $50.22 at December 31, 2022. Tangible book value per common share (non-GAAP) totaled $40.30 at December 31, 2023 compared to $36.14 at December 31, 2022.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.35 per common share, payable on April 10, 2024, to shareholders of record as of March 27, 2024. This dividend represents a 16.7% and 40.0% increase over the dividend declared for the prior quarter and one year earlier, respectively.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit and treasury management products at each of its 26 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 379 full-time equivalent staff and has assets of approximately $4.2 billion. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered in collaboration with several regional partners. Further information about Bank First Corporation is available by clicking on the Shareholder Services tab at www.bankfirst.com.

# # #

Forward-Looking Statements: Certain statements contained in this press release and in other recent filings may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the timing, benefits, costs, and synergies of the 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 Year Ended
	12/31/2023			9/30/2023			6/30/2023			3/31/2023			12/31/2022			12/31/2023			12/31/2022
Results of Operations:
Interest income	$	48,663		$	46,989		$	45,929		$	40,902		$	35,754		$	182,483		$	116,534
Interest expense		15,747			12,931			11,657			8,668			5,132			49,003			12,449
Net interest income		32,916			34,058			34,272			32,234			30,622			133,480			104,085
Provision for credit losses *		500			-			-			4,182			500			4,682			2,200
Net interest income after provision for credit losses *		32,416			34,058			34,272			28,052			30,122			128,798			101,885
Noninterest income		42,458			5,254			4,554			5,849			3,896			58,115			19,701
Noninterest expense		28,862			19,647			19,946			19,664			17,254			88,119			61,953
Income before income tax expense		46,012			19,665			18,880			14,237			16,764			98,794			59,633
Income tax expense		11,114			4,861			4,748			3,557			3,920			24,280			14,419
Net income	$	34,898		$	14,804		$	14,132		$	10,680		$	12,844		$	74,514		$	45,214

Earnings per common share - basic	$	3.39		$	1.43		$	1.37		$	1.09		$	1.43		$	7.28		$	5.58
Earnings per common share - diluted		3.39			1.43			1.37			1.09			1.43			7.28			5.58

Common Shares:
Basic weighted average		10,308,275			10,330,779			10,331,725			9,714,184			8,962,400			10,173,210			8,044,906
Diluted weighted average		10,338,715			10,353,621			10,346,575			9,737,879			8,993,685			10,198,993			8,069,260
Outstanding		10,365,131			10,379,071			10,389,240			10,407,114			9,021,697			10,365,131			9,021,697

Noninterest income / noninterest expense:
Service charges	$	1,847		$	1,821		$	1,766		$	1,599		$	1,564		$	7,033		$	5,810
Income from Ansay		110			791			950			1,071			242			2,922			2,558
Income (loss) from UFS		(179	)		784			770			890			935			2,265			3,055
Loan servicing income		741			734			749			636			545			2,860			1,922
Valuation adjustment on mortgage servicing rights		(65	)		229			(548	)		779			19			395			2,865
Net gain on sales of mortgage loans		273			248			236			140			222			897			1,560
Gain on sale of UFS		38,904			-			-			-			-			38,904			-
Other noninterest income		827			647			631			734			369			2,839			1,931
Total noninterest income	$	42,458		$	5,254		$	4,554		$	5,849		$	3,896		$	58,115		$	19,701

Personnel expense	$	10,357		$	10,216		$	9,870		$	9,912		$	8,162		$	40,355		$	33,155
Occupancy, equipment and office		1,307			1,455			1,317			1,591			1,962			5,670			5,467
Data processing		1,900			2,153			2,094			1,864			1,971			8,011			6,324
Postage, stationery and supplies		236			244			224			380			229			1,084			771
Advertising		99			60			85			81			66			325			271
Charitable contributions		264			229			228			223			165			944			718
Outside service fees		1,363			1,438			1,347			2,202			1,631			6,350			6,727
Net loss (gain) on other real estate owned		1,591			53			489			-			-			2,133			(146	)
Net loss on sales of securities		7,826			-			-			75			-			7,901			-
Amortization of intangibles		1,604			1,626			1,672			1,422			980			6,324			2,318
Other noninterest expense		2,315			2,173			2,620			1,914			2,088			9,022			6,348
Total noninterest expense	$	28,862		$	19,647		$	19,946		$	19,664		$	17,254		$	88,119		$	61,953

Period-end balances:
Cash and cash equivalents	$	247,468		$	75,776		$	111,326		$	169,691		$	119,350		$	247,468		$	119,350
Investment securities available-for-sale, at fair value		142,197			179,046			191,303			197,895			304,637			142,197			304,637
Investment securities held-to-maturity, at cost		103,324			77,154			77,708			78,032			45,097			103,324			45,097
Loans		3,342,974			3,355,549			3,314,481			3,323,296			2,893,978			3,342,974			2,893,978
Allowance for credit losses - loans *		(43,609	)		(43,404	)		(43,409	)		(43,316	)		(22,680	)		(43,609	)		(22,680	)
Premises and equipment		69,891			70,994			66,958			63,736			56,448			69,891			56,448
Goodwill and core deposit intangible, net		202,102			203,705			205,329			207,022			127,036			202,102			127,036
Mortgage servicing rights		13,668			13,733			13,504			14,052			9,582			13,668			9,582
Other assets		143,827			154,966			154,871			156,820			126,984			143,827			126,984
Total assets		4,221,842			4,087,519			4,092,071			4,167,228			3,660,432			4,221,842			3,660,432

Deposits		3,432,920			3,398,293			3,405,736			3,463,235			3,060,229			3,432,920			3,060,229
Securities sold under repurchase agreements		75,747			17,191			23,802			46,636			97,196			75,747			97,196
Borrowings		51,394			70,319			70,269			70,994			25,429			51,394			25,429
Other liabilities		41,983			24,387			21,392			23,991			24,475			41,983			24,475
Total liabilities		3,602,044			3,510,190			3,521,199			3,604,856			3,207,329			3,602,044			3,207,329

Stockholders' equity		619,798			577,329			570,872			562,372			453,103			619,798			453,103

Book value per common share	$	59.80		$	55.62		$	54.95		$	54.04		$	50.22		$	59.80		$	50.22
Tangible book value per common share (non-GAAP)	$	40.30		$	36.00		$	35.18		$	34.14		$	36.14		$	40.30		$	36.14
Average balances:
Loans	$	3,330,511		$	3,324,729		$	3,312,353		$	3,135,438		$	2,860,967		$	3,276,425		$	2,530,737
Interest-earning assets		3,738,589			3,671,620			3,683,143			3,524,672			3,316,406			3,655,138			3,089,760
Total assets		4,147,859			4,092,565			4,100,549			3,901,713			3,633,251			4,061,358			3,347,857
Deposits		3,431,894			3,423,760			3,407,650			3,269,838			3,111,328			3,383,841			2,785,127
Interest-bearing liabilities		2,426,870			2,411,062			2,437,034			2,334,956			2,198,549			2,402,757			2,091,729
Goodwill and other intangibles, net		202,933			204,556			206,209			160,156			111,440			193,611			76,362
Stockholders' equity		613,244			576,315			567,531			520,212			446,579			569,600			372,430

Financial ratios:
Return on average assets **		3.34	%		1.44	%		1.38	%		1.11	%		1.40	%		1.83	%		1.35	%
Return on average common equity **		22.58	%		10.19	%		9.99	%		8.33	%		11.41	%		13.08	%		12.14	%
Average equity to average assets		14.78	%		14.08	%		13.84	%		13.33	%		12.29	%		14.02	%		11.12	%
Stockholders' equity to assets		14.68	%		14.12	%		13.95	%		13.50	%		12.38	%		14.68	%		12.38	%
Tangible equity to tangible assets (non-GAAP)		10.39	%		9.62	%		9.40	%		8.97	%		9.23	%		10.39	%		9.23	%
Loan yield **		5.33	%		5.23	%		5.20	%		4.96	%		4.58	%		5.18	%		4.26	%
Earning asset yield **		5.20	%		5.11	%		5.04	%		4.74	%		4.32	%		5.03	%		3.82	%
Cost of funds **		2.57	%		2.13	%		1.92	%		1.51	%		0.93	%		2.04	%		0.60	%
Net interest margin, taxable equivalent **		3.53	%		3.71	%		3.77	%		3.74	%		3.71	%		3.69	%		3.41	%
Net loan charge-offs to average loans **		0.00	%		0.00	%		-0.01	%		0.00	%		0.12	%		0.00	%		0.00	%
Nonperforming loans to total loans		0.20	%		0.10	%		0.15	%		0.14	%		0.15	%		0.20	%		0.15	%
Nonperforming assets to total assets		0.21	%		0.13	%		0.18	%		0.22	%		0.18	%		0.21	%		0.18	%
Allowance for credit losses - loans to total loans*		1.30	%		1.29	%		1.31	%		1.30	%		0.78	%		1.30	%		0.78	%

Non-GAAP Financial Measures
Adjusted net income reconciliation
Net income (GAAP)	$	34,898		$	14,804		$	14,132		$	10,680		$	12,844		$	74,514		$	45,214
Acquisition related expenses		29			312			171			1,342			1,381			1,854			7,053
Severance from organizational restructure		359			-			-			-			-			359			-
Provision for credit losses related to acquisition		-			-			-			3,552			-			3,552			-
Fair value amortization on Trust Preferred redemption		1,382			-			-			-			-			1,382			-
Gain on sale of UFS		(38,904	)		-			-			-			-			(38,904	)		-
Losses (gains) on sales of securities and OREO valuations		9,780			53			489			75			-			10,397			(146	)
Adjusted net income before income tax impact		7,544			15,169			14,792			15,649			14,225			53,154			52,121
Income tax impact of adjustments		7,248			(77	)		(165	)		(971	)		(347	)		6,036			(1,609	)
Adjusted net income (non-GAAP)	$	14,792		$	15,092		$	14,627		$	14,678		$	13,878		$	59,190		$	50,512

Adjusted earnings per share calculation
Adjusted net income (non-GAAP)	$	14,792		$	15,092		$	14,627		$	14,678		$	13,878		$	59,190		$	50,512
Basic weighted average common shares outstanding		10,308,275			10,330,779			10,331,725			9,714,184			8,962,400			10,173,210			8,044,906
Adjusted earnings per share (non-GAAP)	$	1.44		$	1.46		$	1.42		$	1.50		$	1.54		$	5.82		$	6.28

Annualized return of adjusted earnings on average assets calculation
Adjusted net income (non-GAAP)	$	14,792		$	15,092		$	14,627		$	14,678		$	13,878		$	59,190		$	50,512
Average total assets	$	4,147,859		$	4,092,565		$	4,100,549		$	3,901,713		$	3,633,251		$	4,061,358		$	3,347,857
Annualized return of adjusted earnings on average assets (non-GAAP)		1.41	%		1.48	%		1.43	%		1.53	%		1.55	%		1.46	%		1.51	%

Tangible assets reconciliation
Total assets (GAAP)	$	4,221,842		$	4,087,519		$	4,092,071		$	4,167,228		$	3,660,432		$	4,221,842		$	3,660,432
Goodwill		(175,106	)		(175,106	)		(175,104	)		(175,125	)		(110,206	)		(175,106	)		(110,206	)
Core deposit intangible, net of amortization		(26,996	)		(28,599	)		(30,225	)		(31,897	)		(16,829	)		(26,996	)		(16,829	)
Tangible assets (non-GAAP)	$	4,019,740		$	3,883,814		$	3,886,742		$	3,960,206		$	3,533,397		$	4,019,740		$	3,533,397

Tangible common equity reconciliation
Total stockholders’ equity (GAAP)	$	619,798		$	577,329		$	570,872		$	562,372		$	453,103		$	619,798		$	453,103
Goodwill		(175,106	)		(175,106	)		(175,104	)		(175,125	)		(110,206	)		(175,106	)		(110,206	)
Core deposit intangible, net of amortization		(26,996	)		(28,599	)		(30,225	)		(31,897	)		(16,829	)		(26,996	)		(16,829	)
Tangible common equity (non-GAAP)	$	417,696		$	373,624		$	365,543		$	355,350		$	326,068		$	417,696		$	326,068

Tangible book value per common share calculation
Tangible common equity (non-GAAP)	$	417,696		$	373,624		$	365,543		$	355,350		$	326,068		$	417,696		$	326,068
Common shares outstanding at the end of the period		10,365,131			10,379,071			10,389,240			10,407,114			9,021,697			10,365,131			9,021,697
Tangible book value per common share (non-GAAP)	$	40.30		$	36.00		$	35.18		$	34.14		$	36.14		$	40.30		$	36.14

Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)	$	417,696		$	373,624		$	365,543		$	355,350		$	326,068		$	417,696		$	326,068
Tangible assets (non-GAAP)	$	4,019,740		$	3,883,814		$	3,886,742		$	3,960,206		$	3,533,397		$	4,019,740		$	3,533,397
Tangible equity to tangible assets (non-GAAP)		10.39	%		9.62	%		9.40	%		8.97	%		9.23	%		10.39	%		9.23	%

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
	December 31, 2023									December 31, 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	$	3,223,127		$	172,743			5.36	%	$	2,764,365		$	126,842			4.59	%
Tax-exempt		107,384			4,853			4.52	%		96,602			4,263			4.41	%
Securities
Taxable (available for sale)		146,407			4,716			3.22	%		237,789			5,380			2.26	%
Tax-exempt (available for sale)		31,883			1,127			3.53	%		81,497			2,183			2.68	%
Taxable (held to maturity)		86,782			3,481			4.01	%		38,457			1,102			2.87	%
Tax-exempt (held to maturity)		4,152			109			2.63	%		5,196			134			2.58	%
Cash, due from banks and other		138,854			7,317			5.27	%		92,500			3,328			3.60	%
Total interest-earning assets		3,738,589			194,346			5.20	%		3,316,406			143,232			4.32	%
Noninterest-earning assets		452,676									339,345
Allowance for loan losses		(43,406	)								(22,500	)
Total assets	$	4,147,859								$	3,633,251
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	290,050		$	6,010			2.07	%	$	279,638		$	2,224			0.80	%
Savings accounts		815,261			11,055			1.36	%		833,316			4,892			0.59	%
Money market accounts		669,633			15,209			2.27	%		630,001			5,051			0.80	%
Certificates of deposit		561,888			20,038			3.57	%		377,617			4,806			1.27	%
Brokered Deposits		747			17			2.28	%		6,719			198			2.95	%
Total interest-bearing deposits		2,337,579			52,329			2.24	%		2,127,291			17,171			0.81	%
Other borrowed funds		89,291			10,148			11.37	%		71,258			3,188			4.47	%
Total interest-bearing liabilities		2,426,870			62,477			2.57	%		2,198,549			20,359			0.93	%
Noninterest-bearing liabilities
Demand Deposits		1,094,315									984,037
Other liabilities		13,430									4,086
Total Liabilities		3,534,615									3,186,672
Stockholders' equity		613,244									446,579
Total liabilities & stockholders' equity	$	4,147,859								$	3,633,251
Net interest income on a fully taxable equivalent basis					131,869									122,873
Less taxable equivalent adjustment					(1,279	)								(1,381	)
Net interest income				$	130,590								$	121,492
Net interest spread (3)								2.62	%								3.39	%
Net interest margin (4)								3.53	%								3.71	%

(1)

Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21%.

(2)

Nonaccrual loans are included in average amounts outstanding.

(3)

Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(4)

Represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets.

Bank First Corporation

Average assets, liabilities and stockholders' equity, and average rates earned or paid

	Year Ended
	December 31, 2023									December 31, 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	$	3,172,468		$	165,113			5.20	%	$	2,434,554		$	103,612			4.26	%
Tax-exempt		103,957			4,686			4.51	%		96,183			4,227			4.39	%
Securities
Taxable (available for sale)		185,867			5,851			3.15	%		227,101			5,230			2.30	%
Tax-exempt (available for sale)		36,690			1,195			3.26	%		81,181			2,140			2.64	%
Taxable (held to maturity)		71,908			2,678			3.72	%		24,416			670			2.74	%
Tax-exempt (held to maturity)		4,426			115			2.60	%		5,396			139			2.58	%
Cash, due from banks and other		79,822			4,104			5.14	%		220,929			1,883			0.85	%
Total interest-earning assets		3,655,138			183,742			5.03	%		3,089,760			117,901			3.82	%
Noninterest-earning assets		447,934									280,249
Allowance for loan losses		(41,714	)								(22,152	)
Total assets	$	4,061,358								$	3,347,857
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	293,568		$	5,362			1.83	%	$	253,443		$	1,075			0.42	%
Savings accounts		833,360			9,796			1.18	%		691,599			3,099			0.45	%
Money market accounts		665,988			12,722			1.91	%		666,717			3,025			0.45	%
Certificates of deposit		509,273			14,396			2.83	%		286,054			2,818			0.99	%
Brokered Deposits		3,184			90			2.83	%		8,587			251			2.92	%
Total interest-bearing deposits		2,305,373			42,366			1.84	%		1,906,400			10,268			0.54	%
Other borrowed funds		97,384			6,637			6.82	%		185,329			2,181			1.18	%
Total interest-bearing liabilities		2,402,757			49,003			2.04	%		2,091,729			12,449			0.60	%
Noninterest-bearing liabilities
Demand Deposits		1,078,468									878,727
Other liabilities		10,533									4,971
Total Liabilities		3,491,758									2,975,427
Stockholders' equity		569,600									372,430
Total liabilities & stockholders' equity	$	4,061,358								$	3,347,857
Net interest income on a fully taxable equivalent basis					134,739									105,452
Less taxable equivalent adjustment					(1,259	)								(1,367	)
Net interest income				$	133,480								$	104,085
Net interest spread (3)								2.99	%								3.22	%
Net interest margin (4)								3.69	%								3.41	%

(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	Jan. 16, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 16, 2024
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	false