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Table of Contents

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 June 30, 2020

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 August 7, 2020 was 7,732,004 shares.

Table of Contents

TABLE OF CONTENTS

Page Number

Part I. Financial Information

3

ITEM 1.

Financial Statements

3

Consolidated Balance Sheets – June 30, 2020 (unaudited) and December 31, 2019

3

Consolidated Statements of Income – Three and Six Months Ended June 30, 2020 and 2019 (unaudited)

4

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2020 and 2019 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity – Three and Six Months Ended June 30, 2020 and 2019  (unaudited)

6

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2020 and 2019 (unaudited)

7

Notes to Unaudited Consolidated Financial Statements

9

ITEM 2.

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

30

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

59

ITEM 4.

Controls and Procedures

61

Part II. Other Information

62

ITEM 1.

Legal Proceedings

62

ITEM 1A.

Risk Factors

62

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

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:

BANK FIRST CORPORATION

Consolidated Balance Sheets

(In thousands, except share and per share data)

    

June 30, 2020

    

December 31, 2019

(Unaudited)

(Audited)

Assets

 

  

 

  

Cash and due from banks

$

33,994

$

33,817

Interest-bearing deposits

 

310

 

19,242

Federal funds sold

 

142,927

 

33,393

Cash and cash equivalents

 

177,231

 

86,452

Securities held to maturity, at amortized cost ($9,600 and $44,803 fair value at June 30, 2020 and December 31, 2019, respectively)

 

9,579

 

43,734

Securities available for sale, at fair value

 

174,067

 

181,506

Loans held for sale

1,479

587

Loans, net

 

2,098,952

 

1,724,947

Premises and equipment, net

 

39,645

 

35,286

Goodwill

 

55,052

 

43,456

Other investments

 

7,838

 

4,933

Cash value of life insurance

 

30,996

 

24,945

Identifiable intangible assets, net

 

10,507

 

9,666

Other real estate owned ("OREO")

 

2,269

 

6,888

Investment in minority-owned subsidiaries

 

41,870

 

40,287

Other assets

 

8,426

 

7,481

TOTAL ASSETS

$

2,657,911

$

2,210,168

Liabilities and Stockholders' Equity

 

  

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Interest-bearing deposits

$

1,554,833

$

1,366,846

Noninterest-bearing deposits

 

708,312

 

476,465

Total deposits

 

2,263,145

 

1,843,311

Securities sold under repurchase agreements

 

57,442

 

45,865

Notes payable

25,172

49,790

Subordinated notes

 

18,549

 

18,622

Other liabilities

 

17,503

 

22,369

Total liabilities

 

2,381,811

 

1,979,957

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 - 8,478,383 and 7,902,742 shares as of June 30, 2020 and December 31, 2019, respectively

 

 

  

Outstanding - 7,733,457 and 7,084,728 shares as of June 30, 2020 and December 31, 2019, respectively

 

85

 

79

Additional paid-in capital

 

92,277

 

63,085

Retained earnings

 

202,082

 

189,494

Treasury stock, at cost - 744,926 and 818,014 shares as of June 30, 2020 and December 31, 2019, respectively

 

(23,847)

 

(24,941)

Accumulated other comprehensive income

 

5,503

 

2,494

Total stockholders' equity

 

276,100

 

230,211

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,657,911

$

2,210,168

See accompanying notes to consolidated financial statements.

3

Table of Contents

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Income

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

Three months ended June 30, 

Six months ended June 30, 

    

2020

    

2019

    

2020

    

2019

Interest income:

Loans, including fees

$

23,257

$

18,506

$

44,929

$

36,732

Securities:

 

 

 

 

Taxable

 

618

 

691

 

1,705

 

1,435

Tax-exempt

 

486

 

413

 

910

 

839

Other

 

21

 

548

 

134

 

875

Total interest income

 

24,382

 

20,158

 

47,678

 

39,881

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

3,212

 

4,442

 

7,322

 

8,667

Securities sold under repurchase agreements

 

3

 

167

 

106

 

297

Borrowed funds

 

371

 

175

 

811

 

343

Total interest expense

 

3,586

 

4,784

 

8,239

 

9,307

Net interest income

 

20,796

 

15,374

 

39,439

 

30,574

Provision for loan losses

 

3,150

 

500

 

4,125

 

1,125

Net interest income after provision for loan losses

 

17,646

 

14,874

 

35,314

 

29,449

Noninterest income:

 

 

 

 

Service charges

 

1,158

 

799

 

2,074

 

1,478

Income from Ansay and Associates, LLC ("Ansay")

 

710

 

543

 

1,601

 

1,418

Income from UFS, LLC ("UFS")

 

850

 

731

 

1,747

 

1,325

Loan servicing income

 

226

 

244

 

688

 

467

Net gain on sales of mortgage loans

 

1,332

 

154

 

1,792

 

241

Net gain on sales of securities

3,233

23

3,233

23

Net gain on sale of other investments

234

Noninterest income from strategic alliances

 

16

 

29

 

33

 

48

Other

 

239

 

213

 

493

 

1,042

Total noninterest income

 

7,764

 

2,736

 

11,661

 

6,276

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries, commissions, and employee benefits

 

6,608

 

5,403

 

13,060

 

10,713

Occupancy

 

921

 

832

 

2,196

 

1,681

Data processing

 

1,334

 

960

 

2,533

 

1,873

Postage, stationery, and supplies

 

277

 

192

 

449

 

315

Net loss (gain) on sales and valuations of OREO

 

467

 

(135)

 

1,443

 

(99)

Advertising

 

69

 

53

 

124

 

127

Charitable contributions

 

127

 

141

 

250

 

272

Outside service fees

 

1,394

 

982

 

2,195

 

1,666

Amortization of intangibles

 

362

 

161

 

696

 

322

Penalty for early extinguishment of debt

1,323

1,323

Other

 

1,556

 

1,366

 

2,910

 

2,621

Total noninterest expense

 

14,438

 

9,955

 

27,179

 

19,491

Income before provision for income taxes

 

10,972

 

7,655

 

19,796

 

16,234

Provision for income taxes

 

2,676

 

1,666

 

4,234

 

3,658

Net Income

$

8,296

$

5,989

$

15,562

$

12,576

Earnings per share - basic

$

1.11

$

0.91

$

2.14

$

1.91

Earnings per share - diluted

$

1.11

$

0.90

$

2.13

$

1.89

Dividends per share

$

0.20

$

0.20

$

0.40

$

0.40

See accompanying notes to unaudited consolidated financial statements

4

Table of Contents

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Comprehensive Income

(In thousands) (Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Net Income

$

8,296

$

5,989

$

15,562

$

12,576

Other comprehensive income:

 

 

 

 

Unrealized gains (losses) on available for sale securities:

 

  

 

  

 

  

 

  

Unrealized holding gains arising during period

 

6,047

 

1,961

 

7,636

 

4,318

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

 

(92)

 

(11)

 

(102)

 

(22)

Reclassification adjustment for gains included in net income

 

(3,233)

 

(23)

 

(3,233)

 

(23)

Income tax expense

 

(734)

 

(405)

 

(1,292)

 

(897)

Total other comprehensive income

 

1,988

 

1,522

 

3,009

 

3,376

Comprehensive income

$

10,284

$

7,511

$

18,571

$

15,952

See accompanying notes to unaudited consolidated financial statements.

5

Table of Contents

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

(In Thousands, except share and per share amounts)

Balance at January 1, 2019

$

$

74

$

27,601

$

168,363

$

(21,349)

$

(366)

$

174,323

Net income

 

 

 

 

6,587

 

 

 

6,587

Other comprehensive income

 

 

 

 

 

 

1,853

 

1,853

Purchase of treasury stock

 

 

 

 

 

(2,489)

 

 

(2,489)

Issuance of treasury stock as deferred compensation payout

 

 

 

14

 

 

43

 

 

57

Cash dividends ($0.20 per share)

 

 

 

 

(1,306)

 

 

 

(1,306)

Amortization of stock-based compensation

 

 

 

152

 

 

 

 

152

Vesting of restricted stock awards

 

 

 

(462)

 

 

462

 

 

Balance at March 31, 2019

74

27,305

173,644

(23,333)

1,487

179,177

Net income

 

 

 

 

5,989

 

 

 

5,989

Other comprehensive income

 

 

 

 

 

 

1,522

 

1,522

Purchase of treasury stock

 

 

 

 

 

(161)

 

 

(161)

Issuance of treasury stock as deferred compensation payout

 

 

 

12

 

 

45

 

 

57

Cash dividends ($0.20 per share)

 

 

 

 

(1,319)

 

 

 

(1,319)

Amortization of stock-based compensation

 

 

 

182

 

 

 

 

182

Vesting of restricted stock awards

 

 

 

(63)

 

 

63

 

 

Balance at June 30, 2019

$

$

74

$

27,436

$

178,314

$

(23,386)

$

3,009

$

185,447

Balance at January 1, 2020

$

$

79

$

63,085

$

189,494

$

(24,941)

$

2,494

$

230,211

Net income

 

 

 

 

7,266

 

 

 

7,266

Other comprehensive income

 

 

 

 

 

 

1,021

 

1,021

Purchase of treasury stock

 

 

 

 

 

(2,968)

 

 

(2,968)

Issuance of treasury stock as deferred compensation payout

 

 

 

 

 

3,368

 

 

3,368

Cash dividends ($0.20 per share)

 

 

 

 

(1,431)

 

 

 

(1,431)

Amortization of stock-based compensation

 

 

 

215

 

 

 

 

215

Vesting of restricted stock awards

 

 

 

(628)

 

 

628

 

 

Balance at March 31, 2020

79

62,672

195,329

(23,913)

3,515

237,682

Net income

 

 

 

 

8,296

 

 

 

8,296

Other comprehensive income

 

 

 

 

 

 

1,988

 

1,988

Cash dividends ($0.20 per share)

 

 

 

 

(1,543)

 

 

 

(1,543)

Amortization of stock-based compensation

 

 

 

296

 

 

 

 

296

Vesting of restricted stock awards

 

 

 

(66)

 

 

66

 

 

Shares issued in the acquisition of Tomah Bancshares, Inc. (575,641 shares)

 

 

6

 

29,375

 

 

 

 

29,381

Balance at June 30, 2020

$

$

85

$

92,277

$

202,082

$

(23,847)

$

5,503

$

276,100

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Cash Flows

(In thousands) (Unaudited)

Six Months Ended June 30, 

    

2020

    

2019

Cash flows from operating activities:

Net income

$

15,562

$

12,576

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Provision for loan losses

 

4,125

 

1,125

Depreciation and amortization of premises and equipment

 

759

 

551

Amortization of intangibles

 

696

 

322

Net amortization of securities

 

308

 

186

Amortization of stock-based compensation

 

511

 

334

Accretion of purchase accounting valuations

 

(2,420)

 

(2,158)

Net change in deferred loan fees and costs

 

6,985

 

(136)

Change in fair value of mortgage servicing rights ("MSR") and other investments

 

1,200

 

(413)

Loss from sale and disposal of premises and equipment

 

 

23

Loss (gain) on sale of OREO and valuation allowance

 

1,443

 

(99)

Proceeds from sales of mortgage loans

 

106,806

 

21,621

Originations of mortgage loans held for sale

 

(106,619)

 

(21,589)

Gain on sales of mortgage loans

 

(1,792)

 

(241)

Realized gain on sale of securities

(3,233)

(23)

Realized gain on sale of other investments

 

 

(234)

Undistributed income of UFS joint venture

 

(1,747)

 

(1,325)

Undistributed income of Ansay joint venture

 

(1,601)

 

(1,418)

Net earnings on life insurance

 

(344)

 

(310)

Increase in other assets

 

(1,147)

 

(779)

Decrease in other liabilities</