Bank First Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
BFC$150.57+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated balance sheets
| | | | | | | |
|---|---|---|---|---|---|---|
| · · | ||||||
| · · December 31, 2023 · December 31, 2022 | ||||||
| | | (In thousands, except share and per share data) | ||||
| | | | | | | |
| Assets | | | | | | |
| Cash and due from banks | | $69,973 | | $51,524 | ||
| Interest-bearing deposits | | 177,495 | | 67,827 | ||
| Cash and cash equivalents | | 247,468 | | 119,351 | ||
| Securities held to maturity, at amortized cost ($103,626 and $43,770 fair value at December 31, 2023 and December 31, 2022, respectively) | | 103,324 | | 45,097 | ||
| Securities available for sale, at fair value ($154,318 and $325,960 amortized cost at December 31, 2023 and December 31, 2022, respectively) | | 142,197 | | 304,637 | ||
| Loans held for sale | | | 3,012 | | | 648 |
| Loans | | | 3,342,974 | | | 2,893,978 |
| Allowance for credit losses - loans ("ACL-Loans") | | | (43,609) | | | (22,680) |
| Loans, net | | 3,299,365 | | 2,871,298 | ||
| Premises and equipment, net | | 69,891 | | 56,448 | ||
| Goodwill | | 175,106 | | 110,206 | ||
| Other investments | | 21,366 | | 16,495 | ||
| Cash value of life insurance | | 61,292 | | 46,050 | ||
| Core deposit intangibles, net | | 26,996 | | 16,829 | ||
| Mortgage servicing rights ("MSR") | | | 13,668 | | | 9,582 |
| Other real estate owned (“OREO”) | | 2,573 | | 2,520 | ||
| Investment in minority-owned subsidiaries | | 32,926 | | 44,180 | ||
| Other assets | | 22,658 | | 17,091 | ||
| TOTAL ASSETS | | $4,221,842 | | $3,660,432 | ||
| Liabilities and Stockholders’ Equity | | | | |||
| Liabilities: | | | ||||
| Deposits: | | | ||||
| Interest-bearing deposits | | $2,382,185 | | $2,126,137 | ||
| Noninterest-bearing deposits | | 1,050,735 | | 934,092 | ||
| Total deposits | | 3,432,920 | | 3,060,229 | ||
| Securities sold under repurchase agreements | | 75,747 | | 97,196 | ||
| Notes payable | | 35,270 | | 1,929 | ||
| Subordinated notes | | 12,000 | | 23,500 | ||
| Junior subordinated debenture | | | 4,124 | | | — |
| Other liabilities | | 41,983 | | 24,475 | ||
| Total liabilities | | 3,602,044 | | 3,207,329 | ||
| 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 - 11,515,130 and 10,064,858 shares as of December 31, 2023 and December 31, 2022, respectively | | | ||||
| Outstanding - 10,365,131 and 9,021,697 shares as of December 31, 2023 and December 31, 2022, respectively | | 115 | | 101 | ||
| Additional paid-in capital | | 333,815 | | 218,263 | ||
| Retained earnings | | 348,001 | | 295,496 | ||
| Treasury stock, at cost - 1,149,999 and 1,043,161 shares as of December 31, 2023 and December 31, 2022, respectively | | (53,387) | | (45,191) | ||
| Accumulated other comprehensive loss | | (8,746) | | (15,566) | ||
| Total stockholders’ equity | | 619,798 | | 453,103 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $4,221,842 | | $3,660,432 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.