$BFC

Bank First Corp

CIK:0001746109|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 66,980	$ 49,923	$ 131,552	$ 99,155
Securities:
Taxable	6,274	2,787	12,412	5,800
Tax-exempt	267	233	545	473
Other	2,198	1,632	4,815	4,195
Total interest income	75,719	54,575	149,324	109,623
Interest expense:
Deposits	19,187	16,199	39,236	33,051
Borrowed funds	1,499	1,674	1,839	3,333
Total interest expense	20,686	17,873	41,075	36,384
Net interest income	55,033	36,702	108,249	73,239
Provision for credit losses		200		600
Net interest income after provision for credit losses	55,033	36,502	108,249	72,639
Noninterest income:
Service charges	4,102	2,053	8,792	4,064
Income from Ansay	866	1,153	1,841	2,334
Loan servicing income	954	733	1,909	1,465
Valuation adjustment on MSR	534	(99)	616	76
Net gain on sales of mortgage loans	661	338	1,737	672
Trust and wealth management	1,620	16	3,195	33
Other	1,265	727	2,444	2,865
Total noninterest income	10,002	4,921	20,534	11,509
Noninterest expense:
Salaries, commissions, and employee benefits	16,822	10,427	38,611	21,412
Occupancy	2,639	1,922	5,195	3,513
Data processing	4,045	2,620	7,455	5,064
Postage, stationery, and supplies	843	270	1,282	510
Net gain on sales and valuations of OREO	(28)	(159)	(219)	(159)
Net loss on sale of securities			31
Advertising	147	61	230	126
Charitable contributions	317	274	557	750
Federal deposit insurance	849	630	1,565	1,260
Outside service fees	1,990	1,135	4,390	1,923
Amortization of intangibles	2,547	1,273	5,119	2,571
Other	4,229	2,303	9,240	4,390
Total noninterest expense	34,400	20,756	73,456	41,360
Income before provision for income taxes	30,635	20,667	55,327	42,788
Provision for income taxes	5,944	3,792	10,648	7,672
Net Income	$ 24,691	$ 16,875	$ 44,679	$ 35,116
Earnings per share - basic	$ 2.21	$ 1.71	$ 3.99	$ 3.53
Earnings per share - diluted	$ 2.21	$ 1.71	$ 3.99	$ 3.53

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income			$ 44,679	$ 35,116
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		$ 200		600	$ 1,250
Depreciation and amortization of premises and equipment			1,483	1,182
Termination of lease			1,586
Amortization of intangibles	2,547	1,273	5,119	2,571
Net accretion of securities			(4,226)	(2,092)
Amortization of stock-based compensation			1,203	1,035
Accretion of purchase accounting valuations			(6,284)	(1,657)
Net change in deferred loan fees and costs			(711)	(362)
Change in fair value of MSR and other investments			(1,093)	(660)
Loss from sale and disposal of premises and equipment				32
Net gain on sale of OREO and valuation allowance	(28)	(159)	(219)	(159)
Proceeds from sales of mortgage loans			127,458	60,082
Originations of mortgage loans held for sale			(124,321)	(61,590)
Gain on sales of mortgage loans	(661)	(338)	(1,737)	(672)
Realized loss on sale of securities			31
Undistributed income of Ansay joint venture			(1,841)	(2,334)
Net earnings on life insurance			(1,511)	(688)
Decrease (increase) in other assets			7,327	(1,210)
Decrease in other liabilities			(34,152)	(11,172)
Net cash provided by operating activities			12,791	18,022
Activity in securities available for sale and held to maturity:
Sales			8,920
Maturities, prepayments, and calls			30,253	263,608
Purchases			(44,538)	(202,752)
Net decrease (increase) in loans			69,227	(61,919)
Dividends received from Ansay			1,382	1,268
Proceeds from sale of OREO			1,789	900
Proceeds from Sale of Federal Home Loan Bank Stock			4,279
Net purchases of Federal Reserve Bank ("FRB") stock			(4,027)
Proceeds from life insurance			155	1,899
Proceeds from sale of premises and equipment			76	1
Purchases of premises and equipment			(9,001)	(5,774)
Net cash received in business combination			169,493
Net cash provided by (used in) investing activities			228,008	(2,769)
Cash flows from financing activities, net of effects of business combination:
Net decrease in deposits			(84,686)	(65,658)
Repayment of notes payable			(97,814)	(25,508)
Dividends paid			(11,705)	(43,639)
Proceeds from sales of common stock			162	591
Repurchase of common stock			(23,440)	(22,043)
Net cash used in financing activities			(217,483)	(156,257)
Net increase (decrease) in cash and cash equivalents			23,316	(141,004)
Cash and cash equivalents at beginning of period			243,207	261,332	261,332
Cash and cash equivalents at end of period	$ 266,523	$ 120,328	266,523	120,328	$ 243,207
Cash paid during the year for:
Interest			41,195	37,256
Income taxes			8,588	6,669
Supplemental schedule of noncash activities:
Closed branch building transferred to OREO			3,990
MSR resulting from sale of loans			1,427	706
Change in unrealized loss on investment securities available for sale, net of tax			$ (3,895)	$ 1,590

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 84,891	$ 55,345
Interest-bearing deposits	181,632	187,862
Cash and cash equivalents	266,523	243,207
Securities held to maturity, at amortized cost ($113,700 and $105,146 fair value at June 30, 2026 and December 31, 2025, respectively)	114,061	103,726
Securities available for sale, at fair value ($506,871 and $171,796 amortized cost at June 30, 2026 and December 31, 2025, respectively)	494,571	164,422
Loans held for sale	4,843	6,243
Loans	4,521,687	3,604,651
Allowance for credit losses - loans ("ACL-Loans")	(56,029)	(44,374)
Loans, net	4,465,658	3,560,277
Premises and equipment, net	96,066	79,217
Goodwill	245,351	175,106
Other investments	30,563	23,613
Cash value of life insurance	97,888	61,085
Core deposit intangibles, net	42,991	16,200
Mortgage servicing rights ("MSR")	18,019	13,650
Other real estate owned ("OREO")	2,420
Investment in Ansay and Associates, LLC ("Ansay")	35,903	35,444
Other assets	32,655	23,905
TOTAL ASSETS	5,947,512	4,506,095
Deposits:
Interest-bearing deposits	3,489,250	2,692,711
Noninterest-bearing deposits	1,498,332	1,003,076
Total deposits	4,987,582	3,695,787
Notes payable	80,000	109,966
Subordinated notes	16,596	12,000
Junior subordinated debenture	8,250
Other liabilities	35,774	44,506
Total liabilities	5,128,202	3,862,259
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 - 12,898,070 and 11,515,130 shares as of June 30, 2026 and December 31, 2025, respectively; Outstanding - 11,079,310 and 9,834,623 shares as of June 30, 2026 and December 31, 2025, respectively	129	115
Additional paid-in capital	501,251	333,836
Retained earnings	449,971	416,997
Treasury stock, at cost - 1,818,760 and 1,680,507 shares as of June 30, 2026 and December 31, 2025, respectively	(123,122)	(102,088)
Accumulated other comprehensive loss	(8,919)	(5,024)
Total stockholders' equity	819,310	643,836
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,947,512	$ 4,506,095