0001746109--12-312020Q3falseWIBank First Corp0001746109bfc:TomahBancsharesInc.Memberus-gaap:TreasuryStockMember2020-04-012020-06-300001746109bfc:TomahBancsharesInc.Memberus-gaap:RetainedEarningsMember2020-04-012020-06-300001746109bfc:TomahBancsharesInc.Memberus-gaap:PreferredStockMember2020-04-012020-06-300001746109bfc:TomahBancsharesInc.Memberus-gaap:CommonStockMember2020-04-012020-06-300001746109bfc:TomahBancsharesInc.Memberus-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001746109bfc:TomahBancsharesInc.Memberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001746109bfc:PartnershipCommunityBancsharesInc.Memberus-gaap:TreasuryStockMember2019-07-012019-09-300001746109bfc:PartnershipCommunityBancsharesInc.Memberus-gaap:RetainedEarningsMember2019-07-012019-09-300001746109bfc:PartnershipCommunityBancsharesInc.Memberus-gaap:PreferredStockMember2019-07-012019-09-300001746109bfc:PartnershipCommunityBancsharesInc.Memberus-gaap:CommonStockMember2019-07-012019-09-300001746109bfc:PartnershipCommunityBancsharesInc.Memberus-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001746109bfc:PartnershipCommunityBancsharesInc.Memberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001746109bfc:TomahBancsharesInc.Member2020-04-012020-06-300001746109bfc:PartnershipCommunityBancsharesInc.Member2019-07-012019-09-300001746109us-gaap:TreasuryStockMember2020-09-300001746109us-gaap:RetainedEarningsMember2020-09-300001746109us-gaap:PreferredStockMember2020-09-300001746109us-gaap:CommonStockMember2020-09-300001746109us-gaap:AdditionalPaidInCapitalMember2020-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001746109us-gaap:TreasuryStockMember2020-06-300001746109us-gaap:RetainedEarningsMember2020-06-300001746109us-gaap:PreferredStockMember2020-06-300001746109us-gaap:CommonStockMember2020-06-300001746109us-gaap:AdditionalPaidInCapitalMember2020-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001746109us-gaap:TreasuryStockMember2020-03-310001746109us-gaap:RetainedEarningsMember2020-03-310001746109us-gaap:PreferredStockMember2020-03-310001746109us-gaap:CommonStockMember2020-03-310001746109us-gaap:AdditionalPaidInCapitalMember2020-03-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001746109us-gaap:TreasuryStockMember2019-12-310001746109us-gaap:RetainedEarningsMember2019-12-310001746109us-gaap:PreferredStockMember2019-12-310001746109us-gaap:CommonStockMember2019-12-310001746109us-gaap:AdditionalPaidInCapitalMember2019-12-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001746109us-gaap:TreasuryStockMember2019-09-300001746109us-gaap:RetainedEarningsMember2019-09-300001746109us-gaap:PreferredStockMember2019-09-300001746109us-gaap:CommonStockMember2019-09-300001746109us-gaap:AdditionalPaidInCapitalMember2019-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001746109us-gaap:TreasuryStockMember2019-06-300001746109us-gaap:RetainedEarningsMember2019-06-300001746109us-gaap:PreferredStockMember2019-06-300001746109us-gaap:CommonStockMember2019-06-300001746109us-gaap:AdditionalPaidInCapitalMember2019-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001746109us-gaap:TreasuryStockMember2019-03-310001746109us-gaap:RetainedEarningsMember2019-03-310001746109us-gaap:PreferredStockMember2019-03-310001746109us-gaap:CommonStockMember2019-03-310001746109us-gaap:AdditionalPaidInCapitalMember2019-03-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001746109us-gaap:TreasuryStockMember2018-12-310001746109us-gaap:RetainedEarningsMember2018-12-310001746109us-gaap:PreferredStockMember2018-12-310001746109us-gaap:CommonStockMember2018-12-310001746109us-gaap:AdditionalPaidInCapitalMember2018-12-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001746109bfc:TwentyTwentyEquityPlanMember2020-09-300001746109us-gaap:MeasurementInputPrepaymentRateMember2020-09-300001746109us-gaap:MeasurementInputPrepaymentRateMember2019-12-310001746109us-gaap:SeriesAPreferredStockMember2020-09-300001746109us-gaap:SeriesAPreferredStockMember2019-12-310001746109srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueMatrixPricingMember2020-09-300001746109srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueMatrixPricingMember2020-09-300001746109srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueMatrixPricingMember2020-09-300001746109srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueMatrixPricingMember2019-12-310001746109srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueMatrixPricingMember2019-12-310001746109srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueMatrixPricingMember2019-12-310001746109bfc:MaturityOfFixedTermTwoMember2020-09-300001746109bfc:MaturityOfFixedTermTwentyThreeMember2020-09-300001746109bfc:MaturityOfFixedTermTwentySixMember2020-09-300001746109bfc:MaturityOfFixedTermTwentyOneMember2020-09-300001746109bfc:MaturityOfFixedTermTwentyFiveMember2020-09-300001746109bfc:MaturityOfFixedTermTwelveMember2020-09-300001746109bfc:MaturityOfFixedTermThreeMember2020-09-300001746109bfc:MaturityOfFixedTermThirteenMember2020-09-300001746109bfc:MaturityOfFixedTermTenMember2020-09-300001746109bfc:MaturityOfFixedTermSixteenMember2020-09-300001746109bfc:MaturityOfFixedTermSixMember2020-09-300001746109bfc:MaturityOfFixedTermSeventeenMember2020-09-300001746109bfc:MaturityOfFixedTermSevenMember2020-09-300001746109bfc:MaturityOfFixedTermNineteenMember2020-09-300001746109bfc:MaturityOfFixedTermNineMember2020-09-300001746109bfc:MaturityOfFixedTermFourteenMember2020-09-300001746109bfc:MaturityOfFixedTermFourMember2020-09-300001746109bfc:MaturityOfFixedTermFiveMember2020-09-300001746109bfc:MaturityOfFixedTermFifteenMember2020-09-300001746109bfc:MaturityOfFixedTermElevenMember2020-09-300001746109bfc:MaturityOfFixedTermEightMember2020-09-300001746109bfc:MaturityOfFixedTermEighteenMember2020-09-300001746109bfc:MaturityOfFixedTermTwoMember2019-12-310001746109bfc:MaturityOfFixedTermTwentyTwoMember2019-12-310001746109bfc:MaturityOfFixedTermTwentyMember2019-12-310001746109bfc:MaturityOfFixedTermTwentyFourMember2019-12-310001746109bfc:MaturityOfFixedTermSixMember2019-12-310001746109bfc:MaturityOfFixedTermSevenMember2019-12-310001746109bfc:MaturityOfFixedTermOneMember2019-12-310001746109bfc:MaturityOfFixedTermFourteenMember2019-12-310001746109bfc:MaturityOfFixedTermEightMember2019-12-310001746109srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-09-300001746109srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-09-300001746109srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-09-300001746109srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-12-310001746109srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-12-310001746109srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassSixMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassSevenMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassOneToFiveMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassEightMember2020-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassSixMember2020-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassSevenMember2020-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassOneToFiveMember2020-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassEightMember2020-09-300001746109us-gaap:ConstructionLoansMemberbfc:PassSixMember2020-09-300001746109us-gaap:ConstructionLoansMemberbfc:PassSevenMember2020-09-300001746109us-gaap:ConstructionLoansMemberbfc:PassOneToFiveMember2020-09-300001746109us-gaap:ConstructionLoansMemberbfc:PassEightMember2020-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassSixMember2020-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassSevenMember2020-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassOneToFiveMember2020-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassEightMember2020-09-300001746109bfc:OtherBorrowersMemberbfc:PassSixMember2020-09-300001746109bfc:OtherBorrowersMemberbfc:PassSevenMember2020-09-300001746109bfc:OtherBorrowersMemberbfc:PassOneToFiveMember2020-09-300001746109bfc:OtherBorrowersMemberbfc:PassEightMember2020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassSixMember2020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassSevenMember2020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassOneToFiveMember2020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassEightMember2020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassSixMember2020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassSevenMember2020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassOneToFiveMember2020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassEightMember2020-09-300001746109bfc:PassSixMember2020-09-300001746109bfc:PassSevenMember2020-09-300001746109bfc:PassOneToFiveMember2020-09-300001746109bfc:PassEightMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassSixMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassSevenMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassOneToFiveMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:PassEightMember2019-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassSixMember2019-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassSevenMember2019-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassOneToFiveMember2019-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:PassEightMember2019-12-310001746109us-gaap:ConstructionLoansMemberbfc:PassSixMember2019-12-310001746109us-gaap:ConstructionLoansMemberbfc:PassSevenMember2019-12-310001746109us-gaap:ConstructionLoansMemberbfc:PassOneToFiveMember2019-12-310001746109us-gaap:ConstructionLoansMemberbfc:PassEightMember2019-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassSixMember2019-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassSevenMember2019-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassOneToFiveMember2019-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:PassEightMember2019-12-310001746109bfc:OtherBorrowersMemberbfc:PassSixMember2019-12-310001746109bfc:OtherBorrowersMemberbfc:PassSevenMember2019-12-310001746109bfc:OtherBorrowersMemberbfc:PassOneToFiveMember2019-12-310001746109bfc:OtherBorrowersMemberbfc:PassEightMember2019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassSixMember2019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassSevenMember2019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassOneToFiveMember2019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:PassEightMember2019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassSixMember2019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassSevenMember2019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassOneToFiveMember2019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:PassEightMember2019-12-310001746109bfc:PassSixMember2019-12-310001746109bfc:PassSevenMember2019-12-310001746109bfc:PassOneToFiveMember2019-12-310001746109bfc:PassEightMember2019-12-310001746109srt:MinimumMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2018-12-310001746109us-gaap:ConsumerPortfolioSegmentMember2018-12-310001746109us-gaap:ConstructionLoansMember2018-12-310001746109us-gaap:CommercialPortfolioSegmentMember2018-12-310001746109bfc:OtherBorrowersMember2018-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMember2018-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2018-12-310001746109bfc:CommercialBankTwoMember2020-09-300001746109bfc:CommercialBankOneMember2020-09-300001746109bfc:CommercialBankOneMemberus-gaap:SubordinatedDebtMember2020-07-220001746109bfc:CommercialBankThreeMember2020-09-300001746109bfc:CommercialBankTwoMember2019-12-310001746109bfc:CommercialBankOneMember2019-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateNoteSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2020-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateNoteSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2020-09-300001746109us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-300001746109us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateNoteSecuritiesMember2020-09-300001746109us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2020-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateNoteSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateNoteSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001746109us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateNoteSecuritiesMember2019-12-310001746109bfc:OtherBorrowersMemberbfc:MortgageServicingRightsMember2020-09-300001746109bfc:OtherBorrowersMemberbfc:MortgageServicingRightsMember2019-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2020-01-012020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConstructionLoansMember2020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberbfc:CommercialRealEstateOwnerOccupiedMember2020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberbfc:CommercialRealEstateNonOwnerOccupiedMember2020-09-300001746109bfc:OtherBorrowersMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2020-09-300001746109us-gaap:UnallocatedFinancingReceivablesMember2020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2020-09-300001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2019-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConstructionLoansMember2019-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberbfc:CommercialRealEstateOwnerOccupiedMember2019-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberbfc:CommercialRealEstateNonOwnerOccupiedMember2019-12-310001746109bfc:OtherBorrowersMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2019-12-310001746109us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2019-12-310001746109us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2019-01-012019-12-310001746109us-gaap:ConsumerPortfolioSegmentMember2019-01-012019-12-310001746109us-gaap:ConstructionLoansMember2019-01-012019-12-310001746109us-gaap:CommercialPortfolioSegmentMember2019-01-012019-12-310001746109bfc:OtherBorrowersMember2019-01-012019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMember2019-01-012019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2019-01-012019-12-310001746109us-gaap:USTreasurySecuritiesMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109us-gaap:ConstructionLoansMemberbfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109us-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109bfc:OtherBorrowersMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109bfc:OtherBorrowersMemberbfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001746109bfc:FinancingReceivables30To89DaysAccruingMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMemberbfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109us-gaap:ConsumerPortfolioSegmentMemberbfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109us-gaap:ConstructionLoansMemberbfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109us-gaap:CommercialPortfolioSegmentMemberbfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109bfc:OtherBorrowersMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109bfc:OtherBorrowersMemberbfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMemberbfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMemberbfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001746109bfc:FinancingReceivables30To89DaysAccruingMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMember2019-12-310001746109us-gaap:ConsumerPortfolioSegmentMember2019-12-310001746109us-gaap:ConstructionLoansMember2019-12-310001746109us-gaap:CommercialPortfolioSegmentMember2019-12-310001746109bfc:CommercialRealEstateOwnerOccupiedMember2019-12-310001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2019-12-310001746109us-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2020-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2020-09-300001746109us-gaap:ConstructionLoansMember2020-09-300001746109us-gaap:CommercialPortfolioSegmentMember2020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2020-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2019-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2019-09-300001746109us-gaap:ConstructionLoansMember2019-09-300001746109us-gaap:CommercialPortfolioSegmentMember2019-09-300001746109bfc:OtherBorrowersMember2019-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2019-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2019-09-300001746109us-gaap:USStatesAndPoliticalSubdivisionsMember2018-12-310001746109us-gaap:USStatesAndPoliticalSubdivisionsMember2020-01-012020-09-300001746109us-gaap:USStatesAndPoliticalSubdivisionsMember2019-01-012019-12-3100017461092020-06-3000017461092020-03-3100017461092019-06-3000017461092019-03-310001746109us-gaap:InterestRateLockCommitmentsMember2020-09-300001746109us-gaap:InterestRateLockCommitmentsMember2019-12-310001746109us-gaap:SubordinatedDebtMember2020-07-222020-07-220001746109us-gaap:SubordinatedDebtMember2020-07-220001746109us-gaap:SubordinatedDebtMember2020-01-012020-09-300001746109us-gaap:SubordinatedDebtMember2020-09-300001746109us-gaap:SubordinatedDebtMember2019-12-310001746109bfc:MaturityOfFixedTermTwoMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwentyTwoMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwentyThreeMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwentySixMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwentyOneMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwentyMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwentyFourMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwentyFiveMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTwelveMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermThreeMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermThirteenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermTenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermSixteenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermSixMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermSeventeenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermSevenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermOneMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermNineteenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermNineMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermFourteenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermFourMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermFiveMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermFifteenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermElevenMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermEightMember2020-01-012020-09-300001746109bfc:MaturityOfFixedTermEighteenMember2020-01-012020-09-300001746109bfc:NonAccretableDiscountMember2020-01-012020-09-300001746109bfc:AccretableDiscountMember2020-01-012020-09-300001746109bfc:NonAccretableDiscountMember2019-01-012019-12-310001746109bfc:AccretableDiscountMember2019-01-012019-12-310001746109bfc:NonAccretableDiscountMember2020-09-300001746109bfc:AccretableDiscountMember2020-09-300001746109bfc:NonAccretableDiscountMember2019-12-310001746109bfc:AccretableDiscountMember2019-12-310001746109bfc:NonAccretableDiscountMember2018-12-310001746109bfc:AccretableDiscountMember2018-12-3100017461092018-12-310001746109bfc:CompanyMember2020-09-300001746109bfc:CompanyMember2019-12-310001746109bfc:TomahBancsharesMember2020-05-150001746109bfc:PartnershipCommunityBancsharesMember2019-01-2200017461092019-07-120001746109us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2019-12-310001746109us-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-300001746109us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300001746109us-gaap:MortgageBackedSecuritiesMember2020-09-300001746109us-gaap:CorporateNoteSecuritiesMember2020-09-300001746109us-gaap:CertificatesOfDepositMember2020-09-300001746109us-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001746109us-gaap:MortgageBackedSecuritiesMember2019-12-310001746109us-gaap:CorporateNoteSecuritiesMember2019-12-310001746109us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-09-300001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-09-300001746109us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-09-300001746109us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001746109us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001746109us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001746109us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-09-300001746109us-gaap:ConstructionLoansMember2020-01-012020-09-300001746109us-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-300001746109bfc:OtherBorrowersMember2020-01-012020-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2020-01-012020-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2020-01-012020-09-300001746109us-gaap:ResidentialPortfolioSegmentMember2019-01-012019-09-300001746109us-gaap:ConsumerPortfolioSegmentMember2019-01-012019-09-300001746109us-gaap:ConstructionLoansMember2019-01-012019-09-300001746109us-gaap:CommercialPortfolioSegmentMember2019-01-012019-09-300001746109bfc:OtherBorrowersMember2019-01-012019-09-300001746109bfc:CommercialRealEstateOwnerOccupiedMember2019-01-012019-09-300001746109bfc:CommercialRealEstateNonOwnerOccupiedMember2019-01-012019-09-300001746109us-gaap:TreasuryStockMember2020-07-012020-09-300001746109us-gaap:RetainedEarningsMember2020-07-012020-09-300001746109us-gaap:PreferredStockMember2020-07-012020-09-300001746109us-gaap:CommonStockMember2020-07-012020-09-300001746109us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001746109us-gaap:TreasuryStockMember2019-07-012019-09-300001746109us-gaap:RetainedEarningsMember2019-07-012019-09-300001746109us-gaap:PreferredStockMember2019-07-012019-09-300001746109us-gaap:CommonStockMember2019-07-012019-09-300001746109us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001746109us-gaap:TreasuryStockMember2020-04-012020-06-300001746109us-gaap:RetainedEarningsMember2020-04-012020-06-300001746109us-gaap:PreferredStockMember2020-04-012020-06-300001746109us-gaap:CommonStockMember2020-04-012020-06-300001746109us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-3000017461092020-04-012020-06-3000017461092020-11-060001746109us-gaap:TreasuryStockMember2020-01-012020-03-310001746109us-gaap:RetainedEarningsMember2020-01-012020-03-310001746109us-gaap:PreferredStockMember2020-01-012020-03-310001746109us-gaap:CommonStockMember2020-01-012020-03-310001746109us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-3100017461092020-01-012020-03-310001746109us-gaap:TreasuryStockMember2019-04-012019-06-300001746109us-gaap:RetainedEarningsMember2019-04-012019-06-300001746109us-gaap:PreferredStockMember2019-04-012019-06-300001746109us-gaap:CommonStockMember2019-04-012019-06-300001746109us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-3000017461092019-04-012019-06-300001746109us-gaap:TreasuryStockMember2019-01-012019-03-310001746109us-gaap:RetainedEarningsMember2019-01-012019-03-310001746109us-gaap:PreferredStockMember2019-01-012019-03-310001746109us-gaap:CommonStockMember2019-01-012019-03-310001746109us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001746109us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-3100017461092019-01-012019-03-310001746109us-gaap:ValuationTechniqueMatrixPricingMember2020-01-012020-09-300001746109us-gaap:ValuationTechniqueMatrixPricingMember2019-01-012019-12-310001746109us-gaap:FairValueInputsLevel3Member2020-09-300001746109us-gaap:FairValueInputsLevel2Member2020-09-300001746109us-gaap:FairValueInputsLevel1Member2020-09-300001746109us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-09-300001746109us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-09-300001746109us-gaap:FairValueInputsLevel3Member2019-12-310001746109us-gaap:FairValueInputsLevel2Member2019-12-310001746109us-gaap:FairValueInputsLevel1Member2019-12-310001746109us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001746109us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-3100017461092019-09-300001746109us-gaap:MeasurementInputDiscountRateMember2020-09-300001746109us-gaap:MeasurementInputDiscountRateMember2019-12-3100017461092019-01-012019-12-310001746109bfc:OtherBorrowersMember2020-09-300001746109bfc:OtherBorrowersMember2019-12-3100017461092020-07-012020-09-3000017461092019-07-012019-09-300001746109us-gaap:ValuationTechniqueDiscountedCashFlowMember2020-01-012020-09-300001746109us-gaap:ValuationTechniqueDiscountedCashFlowMember2019-01-012019-12-3100017461092019-01-0100017461092020-09-3000017461092019-12-310001746109bfc:TomahBancharesIncMember2020-05-150001746109bfc:FairValueAdjustmentsMember2020-05-1500017461092020-05-1500017461092020-05-152020-05-1500017461092019-07-122019-07-1200017461092020-01-012020-09-3000017461092019-01-012019-09-30iso4217:USDxbrli:sharesxbrli:pureiso4217:USDxbrli:sharesbfc:contractbfc:M

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 September 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 November 6, 2020 was 7,730,071 shares.

Table of Contents

TABLE OF CONTENTS

Page Number

Part I. Financial Information

3

ITEM 1.

Financial Statements

3

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

3

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

4

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

5

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

6

Consolidated Statements of Cash Flows – Nine Months Ended September 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

31

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

61

ITEM 4.

Controls and Procedures

62

Part II. Other Information

63

ITEM 1.

Legal Proceedings

63

ITEM 1A.

Risk Factors

63

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

ITEM 3.

Defaults Upon Senior Securities

64

ITEM 4.

Mine Safety Disclosures

64

ITEM 5.

Other Information

64

ITEM 6.

Exhibits

64

Signatures

65

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)

September 30, 2020

    

December 31, 2019

(Unaudited)

(Audited)

Assets

Cash and due from banks

$

32,485

$

33,817

Interest-bearing deposits

 

1,854

 

19,242

Federal funds sold

 

46,413

 

33,393

Cash and cash equivalents

 

80,752

 

86,452

Securities held to maturity, at amortized cost ($6,691 and $44,803 fair value at September 30, 2020 and December 31, 2019, respectively)

 

6,670

 

43,734

Securities available for sale, at fair value

 

173,334

 

181,506

Loans held for sale

659

587

Loans, net

 

2,176,910

 

1,724,947

Premises and equipment, net

 

41,186

 

35,286

Goodwill

 

55,022

 

43,456

Other investments

 

8,896

 

4,933

Cash value of life insurance

 

31,197

 

24,945

Identifiable intangible assets, net

 

10,088

 

9,666

Other real estate owned ("OREO")

 

3,264

 

6,888

Investment in minority-owned subsidiaries

 

42,436

 

40,287

Other assets

 

8,833

 

7,481

TOTAL ASSETS

$

2,639,247

$

2,210,168

Liabilities and Stockholders’ Equity

 

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Interest-bearing deposits

$

1,582,831

$

1,366,846

Noninterest-bearing deposits

 

688,209

 

476,465

Total deposits

 

2,271,040

 

1,843,311

Securities sold under repurchase agreements

 

23,894

 

45,865

Notes payable

 

25,145

 

49,790

Subordinated notes

 

20,512

 

18,622

Other liabilities

 

12,552

 

22,369

Total liabilities

 

2,353,143

 

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 September 30, 2020 and December 31, 2019, respectively

 

  

 

  

Outstanding - 7,729,762 and 7,084,728 shares as of September 30, 2020 and December 31, 2019, respectively

 

85

 

79

Additional paid-in capital

 

92,560

 

63,085

Retained earnings

 

211,486

 

189,494

Treasury stock, at cost - 748,621 and 818,014 shares as of September 30, 2020 and December 31, 2019, respectively

 

(23,963)

 

(24,941)

Accumulated other comprehensive income

 

5,936

 

2,494

Total stockholders’ equity

 

286,104

 

230,211

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

2,639,247

$

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 September 30, 

Nine months ended September 30, 

2020

    

2019

    

2020

    

2019

Interest income:

Loans, including fees

$

24,719

$

23,897

$

69,648

$

60,629

Securities:

 

 

 

 

Taxable

 

688

 

865

 

2,393

 

2,300

Tax-exempt

 

493

 

413

 

1,403

 

1,253

Other

 

28

 

314

 

162

 

1,188

Total interest income

 

25,928

 

25,489

 

73,606

 

65,370

Interest expense:

 

 

 

 

Deposits

 

2,721

 

4,735

 

10,043

 

13,402

Securities sold under repurchase agreements

 

4

 

85

 

110

 

383

Borrowed funds

 

278

 

356

 

1,089

 

698

Total interest expense

 

3,003

 

5,176

 

11,242

 

14,483

Net interest income

 

22,925

 

20,313

 

62,364

 

50,887

Provision for loan losses

 

1,350

 

3,000

 

5,475

 

4,125

Net interest income after provision for loan losses

 

21,575

 

17,313

 

56,889

 

46,762

Noninterest income:

 

 

 

 

Service charges

 

1,343

 

918

 

3,417

 

2,396

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

 

970

 

319

 

2,571

 

1,737

Income from UFS, LLC ("UFS")

 

720

 

768

 

2,467

 

2,093

Loan servicing income

 

538

 

374

 

1,226

 

841

Net gain on sales of mortgage loans

 

1,304

 

533

 

3,096

 

774

Net gain on sales of securities

3,233

23

Net gain on sale of other investments

234

Noninterest income from strategic alliances

 

16

 

26

 

49

 

74

Other

 

224

 

207

 

717

 

1,249

Total noninterest income

 

5,115

 

3,145

 

16,776

 

9,421

Noninterest expense:

 

 

 

 

Salaries, commissions, and employee benefits

 

6,609

 

6,272

 

19,669

 

16,985

Occupancy

 

1,171

 

1,076

 

3,367

 

2,757

Data processing

 

1,463

 

1,158

 

3,996

 

3,031

Postage, stationery, and supplies

 

219

 

135

 

668

 

450

Net (gain) loss on sales and valuations of OREO

 

(32)

 

(10)

 

1,411

 

(109)

Advertising

 

41

 

53

 

165

 

180

Charitable contributions

 

110

 

225

 

360

 

497

Outside service fees

 

888

 

1,171

 

3,083

 

2,837

Amortization of intangibles

 

418

 

374

 

1,114

 

696

Penalty for early extinguishment of debt

1,323

Other

 

1,315

 

1,633

 

4,225

 

4,254

Total noninterest expense

 

12,202

 

12,087

 

39,381

 

31,578

Income before provision for income taxes

 

14,488

 

8,371

 

34,284

 

24,605

Provision for income taxes

 

3,534

 

1,712

 

7,768

 

5,370

Net Income

$

10,954

$

6,659

$

26,516

$

19,235

Earnings per share - basic

$

1.42

$

0.95

$

3.57

$

2.86

Earnings per share - diluted

$

1.42

$

0.93

$

3.56

$

2.83

Dividends per share

$

0.20

$

0.20

$

0.60

$

0.60

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

Nine Months Ended

September 30, 

September 30, 

2020

    

2019

    

2020

    

2019

Net Income

$

10,954

$

6,659

$

26,516

$

19,235

Other comprehensive income:

 

 

 

 

Unrealized gains (losses) on available for sale securities:

 

  

 

  

 

  

 

  

Unrealized holding gains arising during period

 

593

 

925

 

8,230

 

5,244

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

 

 

(11)

 

(102)

 

(34)

Reclassification adjustment for gains included in net income

 

 

 

(3,233)

 

(23)

Income tax expense

 

(160)

 

(192)

 

(1,453)

 

(1,089)

Total other comprehensive income

 

433

 

722

 

3,442

 

4,098

Comprehensive income

$

11,387

$

7,381

$

29,958

$

23,333

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

Net income

6,659

6,659

Other comprehensive income

722

722

Purchase of treasury stock

(1,555)

(1,555)

Cash dividends ($0.20 per share)

(1,422)

(1,422)

Amortization of stock-based compensation

177

177

Shares issued in the acquisition of Partnership Community Bancshares, Inc (534,659 shares)

 

 

5

 

35,298

 

 

 

 

35,303

Balance at September 30, 2019

$

$

79

$

62,911

$

183,551

$

(24,941)

$

3,731

$

225,331

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)