Bank First Announces Net Income for the Fourth Quarter of 2022
- Net income of $12.8 and $45.2 million for the three months and year ended December 31, 2022
- Earnings per common share of $1.43 and $5.58 for the three months and year ended December 31, 2022
- Quarterly cash dividend of $0.25 per share declared, an increase of 13.6% from prior-year fourth quarter quarterly cash dividend
MANITOWOC, Wis., Jan. 17, 2023 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $12.8 million, or $1.43 per share, for the fourth quarter of 2022, compared with net income of $11.2 million, or $1.46 per share, for the prior-year fourth quarter. For the year ended December 31, 2022, Bank First earned $45.2 million, or $5.58 per share, compared to $45.4 million, or $5.92 per share for the year ended December 31, 2021. Pre-tax expenses related to the Bank's completed acquisition of Denmark Bancshares, Inc. ("Denmark") and planned acquisition of Hometown Bancorp, Ltd. ("Hometown") totaled $1.4 million during the fourth quarter of 2022, reducing after-tax earnings per share by approximately $0.12. For the year ended December 31, 2022, these expenses reduced after-tax earnings per share by $0.69.
Net interest income ("NII") during the fourth quarter of 2022 was $30.6 million, up $2.9 million from the previous quarter and up $7.4 million from the fourth quarter of 2021. NII for the year ended December 31, 2022 was $104.1 million, up from $90.1 million during the prior year. The fourth quarter of 2022 marked the first quarter since 2020 in which NII was not positively impacted by loans originated through the Small Business Administration's Paycheck Protection Program ("PPP"). Interest income from PPP loans totaled $0.1 million during the previous quarter and $1.3 million during the fourth quarter of 2021.
Purchase accounting entries, resulting from our acquisition of Denmark during the third quarter of 2022, as well as acquisitions of other institutions over the last several years, increased NII during the fourth quarter of 2022 by $1.2 million, or $0.10 per share after tax, compared to $0.7 million, or $0.07 per share after tax, for both the previous quarter and fourth quarter of 2021. For the years ended December 31, 2022 and 2021, the impact of these purchase accounting entries increased NII by $2.6 million, or $0.23 per share after tax, and $1.9 million, or $0.19 per share after tax, respectively.
Net interest margin ("NIM") was 3.71% for the fourth quarter of 2022, compared to 3.63% for the previous quarter and 3.47% for the fourth quarter of 2021. NIM was 3.41% and 3.47% for the years ended December 31, 2022 and 2021, respectively. During much of the first half of 2022 the Bank engaged in a strategy to enhance NII, utilizing $300.0 million in short-term borrowings from the Federal Home Loan Bank and investing these funds in short-term, liquid, risk-free, interest-earning assets. This non-core strategy reduced NIM by approximately 0.15% for the year ended December 31, 2022.
Bank First recorded a provision for loan losses of $0.5 million during the fourth quarter of 2022, compared to $0.6 million during the fourth quarter of 2021. Provision expense was $2.2 million for the year ended December 31, 2022 compared to $3.1 million for the year ended December 31, 2021. While near-term economic headwinds remain, both locally and nationally, asset quality metrics for the Bank remain very strong.
Noninterest income was $3.9 million for the fourth quarter of 2022, compared to $5.5 million for the fourth quarter of 2021. Income provided by the Bank's investment in Ansay declined $0.4 million from the prior quarter and $0.1 million from the prior-year fourth quarter. The final quarter of each year has historically seen seasonal lows in income provided by Ansay, and 2022 was no exception. While loan servicing income has seen a steady increase over the second half of 2022 as a result of the serviced loan portfolio acquired from Denmark, valuation adjustments to the Bank's mortgage servicing rights asset on its balance sheet have created significant variances quarter-to-quarter. These valuation adjustments were negligible for the fourth quarter of 2022 compared to a positive adjustment of $0.9 million in the prior quarter and $0.7 million in the prior-year fourth quarter. Gains on the sale of secondary market mortgage loans declined from $1.2 million during the fourth quarter of 2021 to $0.2 million during the fourth quarter of 2022. Full year gains on these sales for 2022 totaled $1.6 million compared to $7.4 million during 2021, a decline of $5.8 million.
Noninterest expense was $17.3 million in the fourth quarter of 2022, compared to $18.9 million during the prior quarter and $13.4 million during the fourth quarter of 2021. Personnel expense declined by $2.7 million from the prior quarter primarily as a result of $3.0 million in one-time severance and employment agreement payments as part of the Denmark transaction which closed in the prior quarter. Occupancy, equipment and office expenses increased by $0.8 million from the prior quarter and $1.3 million from the prior-year fourth quarter. These increases were primarily the result of a one-time charge of $0.6 million during the fourth quarter of 2022 related to the termination of a long-term lease on a former Denmark branch location that was not opened by Bank First. Data processing expense and outside service fees have been elevated throughout 2022 compared to 2021 levels as a result of costs related to acquisitions. Finally, amortization expense related to core deposit intangibles on the Bank's balance sheet increased $0.2 million from the prior quarter and $0.6 million from the prior-year fourth quarter. The acquisition of Denmark created a core deposit intangible of approximately $15.1 million (3.1% of core deposits acquired). Amortization of this core deposit intangible, which began during the third quarter of 2022, added $0.7 million in amortization expense to the fourth quarter of 2022.
Total assets were $3.66 billion at December 31, 2022, a $722.9 million increase from December 31, 2022. The preliminary fair value of assets acquired in the Denmark acquisition during the third quarter of 2022 totaled approximately $687.5 million, comprising a significant portion of asset growth during 2022.
Total loans were $2.89 billion at December 31, 2022, up $658.5 million from December 31, 2021, and up $34.7 million from the end of the prior quarter. Excluding the impact of PPP repayments or forgiveness as well as approximately $458.1 million in loans acquired from Denmark, loans grew by 10.9% during the year ended December 31, 2022. Annualized loan growth during the fourth quarter of 2022 amounted to 5.8%. As previously noted in Bank First's release of results for the third quarter of 2022, management made the decision to slow loan growth while concentrating more aggressive rate offerings on customers who maintain their full banking relationship with the Bank. This decision was intended to conserve the Bank's liquidity until competitors better aligned rate offerings with movements in the interest rate environment.
Total deposits, nearly all of which remain core deposits, were $3.06 billion at December 31, 2022, up $531.8 million from December 31, 2021. Noninterest-bearing demand deposits comprised 31.1% of the Bank's total core deposits at December 31, 2022.
Nonperforming assets at December 31, 2022 totaled $6.7 million, down $1.6 million from December 31, 2021. Nonperforming assets to total assets ended 2022 at 0.18%, down from 0.29% at the end of 2021. Nonperforming assets at December 31, 2022 include four properties valued at $2.5 million that were previously operating branch locations of Bank First or Denmark which are no longer part of the Bank's branch network. These properties have all been listed for sale.
Stockholders' equity totaled $453.1 million at December 31, 2022, an increase of $130.5 million from the end of 2021. Interest rate movements during 2022 impacted the value of investments in the Bank's available-for-sale investment portfolio, creating a loss in other comprehensive income which reduced stockholders' equity by $19.2 million during the year ended December 31, 2022. Dividends totaling $7.6 million and share repurchases totaling $13.8 million, at an average per share price of $72.63, further reduced capital during 2022. Strong earnings served to offset these items, increasing capital by $45.2 million. Finally, the acquisition of Denmark increased total stockholders' equity by $125.3 million. Bank First's tangible book value increased by $62.8 million during 2022 and tangible book value per common share outstanding totaled $35.88 at December 31, 2022 compared to $34.56 at December 31, 2021.
Bank First's Board of Directors approved a quarterly cash dividend of $0.25 per common share, payable on April 5, 2023, to shareholders of record as of March 22, 2023.
Bank First Corporation provides financial services through its subsidiary, Bank First, 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 company employs approximately 327 full-time equivalent staff and has assets of approximately $3.7 billion.
Bank First Corporation |
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Consolidated Financial Summary (Unaudited) |
|||||||||||||||
(In thousands, except per share data) |
At or for the Three Months Ended |
At or for the Year Ended |
|||||||||||||
12/31/2022 |
9/30/2022 |
6/30/2022 |
3/31/2022 |
12/31/2021 |
12/31/2022 |
12/31/2021 |
|||||||||
Results of Operations: |
|||||||||||||||
Interest income |
$ |
35,754 |
$ |
30,740 |
$ |
25,820 |
$ |
24,220 |
$ |
25,043 |
$ |
116,534 |
$ |
98,386 |
|
Interest expense |
5,132 |
3,047 |
2,340 |
1,930 |
1,812 |
12,449 |
8,304 |
||||||||
Net interest income |
30,622 |
27,693 |
23,480 |
22,290 |
23,231 |
104,085 |
90,082 |
||||||||
Provision for loan losses |
500 |
- |
500 |
1,200 |
600 |
2,200 |
3,100 |
||||||||
Net interest income after provision for loan losses |
30,122 |
27,693 |
22,980 |
21,090 |
22,631 |
101,885 |
86,982 |
||||||||
Noninterest income |
3,896 |
5,166 |
5,551 |
5,234 |
5,520 |
19,847 |
23,541 |
||||||||
Noninterest expense |
17,254 |
18,895 |
13,219 |
12,731 |
13,435 |
62,099 |
50,556 |
||||||||
Income before income tax expense |
16,764 |
13,964 |
15,312 |
13,593 |
14,716 |
59,633 |
59,967 |
||||||||
Income tax expense |
3,920 |
3,431 |
3,658 |
3,410 |
3,553 |
14,419 |
14,523 |
||||||||
Net income |
$ |
12,844 |
$ |
10,533 |
$ |
11,654 |
$ |
10,183 |
$ |
11,163 |
$ |
45,214 |
$ |
45,444 |
|
Earnings per common share - basic |
$ |
1.43 |
$ |
1.26 |
$ |
1.55 |
$ |
1.34 |
$ |
1.46 |
$ |
5.58 |
$ |
5.92 |
|
Earnings per common share - diluted |
1.43 |
1.26 |
1.55 |
1.34 |
1.46 |
5.58 |
5.92 |
||||||||
Common Shares: |
|||||||||||||||
Basic weighted average |
8,962,400 |
8,205,914 |
7,457,443 |
7,540,264 |
7,570,128 |
8,044,906 |
7,621,632 |
||||||||
Diluted weighted average |
8,993,685 |
8,228,197 |
7,472,561 |
7,559,844 |
7,595,052 |
8,069,260 |
7,643,167 |
||||||||
Outstanding |
9,021,697 |
9,028,629 |
7,470,255 |
7,570,766 |
7,616,540 |
9,021,697 |
7,616,540 |
||||||||
Noninterest income / noninterest expense: |
|||||||||||||||
Service charges |
$ |
1,564 |
$ |
1,383 |
$ |
1,441 |
$ |
1,422 |
$ |
1,574 |
$ |
5,810 |
$ |
6,128 |
|
Income from Ansay |
242 |
671 |
819 |
826 |
383 |
2,558 |
2,587 |
||||||||
Income from UFS |
935 |
852 |
563 |
705 |
776 |
3,055 |
2,556 |
||||||||
Loan servicing income |
545 |
491 |
448 |
438 |
434 |
1,922 |
1,622 |
||||||||
Valuation adjustment on mortgage servicing rights |
19 |
885 |
1,511 |
450 |
671 |
2,865 |
1,290 |
||||||||
Net gain on sales of mortgage loans |
222 |
264 |
403 |
671 |
1,167 |
1,560 |
7,371 |
||||||||
Net gain (loss) on other real estate owned |
- |
- |
(25) |
171 |
(186) |
146 |
20 |
||||||||
Other noninterest income |
369 |
620 |
391 |
551 |
701 |
1,931 |
1,967 |
||||||||
Total noninterest income |
$ |
3,896 |
$ |
5,166 |
$ |
5,551 |
$ |
5,234 |
$ |
5,520 |
$ |
19,847 |
$ |
23,541 |
|
Personnel expense |
$ |
8,162 |
$ |
10,812 |
$ |
7,006 |
$ |
7,175 |
$ |
7,307 |
$ |
33,155 |
$ |
28,515 |
|
Occupancy, equipment and office |
1,962 |
1,176 |
1,214 |
1,115 |
950 |
5,467 |
4,198 |
||||||||
Data processing |
1,971 |
1,577 |
1,431 |
1,345 |
1,334 |
6,324 |
5,344 |
||||||||
Postage, stationery and supplies |
229 |
215 |
144 |
183 |
181 |
771 |
713 |
||||||||
Advertising |
66 |
61 |
55 |
89 |
75 |
271 |
227 |
||||||||
Charitable contributions |
165 |
150 |
235 |
168 |
135 |
718 |
534 |
||||||||
Outside service fees |
1,631 |
2,538 |
1,386 |
1,172 |
776 |
6,727 |
3,076 |
||||||||
Net loss on sales of securities |
- |
- |
- |
- |
- |
- |
3 |
||||||||
Amortization of intangibles |
980 |
751 |
294 |
293 |
352 |
2,318 |
1,405 |
||||||||
Other noninterest expense |
2,088 |
1,615 |
1,454 |
1,191 |
2,325 |
6,348 |
6,541 |
||||||||
Total noninterest expense |
$ |
17,254 |
$ |
18,895 |
$ |
13,219 |
$ |
12,731 |
$ |
13,435 |
$ |
62,099 |
$ |
50,556 |
|
Period-end balances: |
|||||||||||||||
Cash and cash equivalents |
$ |
119,350 |
$ |
143,441 |
$ |
43,986 |
$ |
107,359 |
$ |
296,860 |
$ |
119,350 |
$ |
296,860 |
|
Investment securities available-for-sale, at fair value |
304,637 |
303,280 |
292,426 |
297,063 |
212,689 |
304,637 |
212,689 |
||||||||
Investment securities held-to-maturity, at cost |
45,097 |
40,826 |
33,867 |
5,841 |
5,911 |
45,097 |
5,911 |
||||||||
Loans |
2,893,978 |
2,859,293 |
2,387,617 |
2,316,688 |
2,235,515 |
2,893,978 |
2,235,515 |
||||||||
Allowance for loan losses |
(22,680) |
(23,045) |
(22,699) |
(21,749) |
(20,315) |
(22,680) |
(20,315) |
||||||||
Premises and equipment |
56,448 |
57,019 |
50,608 |
50,068 |
49,461 |
56,448 |
49,461 |
||||||||
Goodwill and core deposit intangible, net |
127,036 |
129,361 |
58,805 |
59,099 |
59,392 |
127,036 |
59,392 |
||||||||
Mortgage servicing rights |
9,582 |
9,563 |
6,977 |
5,466 |
5,016 |
9,582 |
5,016 |
||||||||
Other assets |
126,984 |
121,016 |
109,440 |
105,101 |
93,023 |
126,984 |
93,023 |
||||||||
Total assets |
3,660,432 |
3,640,754 |
2,961,027 |
2,924,936 |
2,937,552 |
3,660,432 |
2,937,552 |
||||||||
Deposits |
3,060,229 |
3,138,201 |
2,601,479 |
2,557,106 |
2,528,440 |
3,060,229 |
2,528,440 |
||||||||
Securities sold under repurchase agreements |
97,196 |
21,963 |
16,125 |
13,130 |
41,122 |
97,196 |
41,122 |
||||||||
Borrowings |
25,429 |
26,069 |
19,235 |
25,247 |
25,511 |
25,429 |
25,511 |
||||||||
Other liabilities |
24,475 |
15,106 |
10,026 |
11,150 |
19,826 |
24,475 |
19,826 |
||||||||
Total liabilities |
3,207,329 |
3,201,339 |
2,646,865 |
2,606,633 |
2,614,899 |
3,207,329 |
2,614,899 |
||||||||
Stockholders' equity |
453,103 |
439,415 |
314,162 |
318,303 |
322,653 |
453,103 |
322,653 |
||||||||
Book value per common share |
50.22 |
48.67 |
42.06 |
42.04 |
42.36 |
50.22 |
42.36 |
||||||||
Tangible book value per common share |
36.14 |
34.34 |
34.18 |
34.24 |
34.56 |
36.14 |
34.56 |
||||||||
Average balances: |
|||||||||||||||
Loans |
$ |
2,860,967 |
$ |
2,640,397 |
$ |
2,341,954 |
$ |
2,271,956 |
$ |
2,207,615 |
$ |
2,530,737 |
$ |
2,217,305 |
|
Interest-earning assets |
3,316,406 |
3,062,921 |
2,975,376 |
3,001,174 |
2,695,175 |
3,089,760 |
2,634,565 |
||||||||
Total assets |
3,633,251 |
3,349,615 |
3,186,384 |
3,209,202 |
2,901,685 |
3,347,857 |
2,837,793 |
||||||||
Deposits |
3,111,328 |
2,911,561 |
2,566,520 |
2,543,471 |
2,513,918 |
2,785,127 |
2,451,203 |
||||||||
Interest-bearing liabilities |
2,198,549 |
2,034,158 |
2,053,369 |
2,080,172 |
1,759,437 |
2,091,729 |
1,729,313 |
||||||||
Goodwill and other intangibles, net |
111,440 |
90,962 |
58,987 |
59,285 |
59,614 |
76,362 |
60,178 |
||||||||
Stockholders' equity |
446,579 |
401,130 |
317,484 |
322,852 |
318,837 |
372,430 |
310,370 |
||||||||
Paycheck Protection Program ("PPP") loan information |
|||||||||||||||
PPP Loans (period end) |
$ |
- |
$ |
- |
$ |
5,625 |
$ |
16,904 |
$ |
31,100 |
$ |
- |
$ |
31,100 |
|
PPP Loan Deferred Origination Fees (period end) |
- |
- |
106 |
477 |
1,080 |
- |
1,080 |
||||||||
PPP Loans (average during the period) |
- |
2,663 |
10,138 |
23,552 |
50,602 |
3,164 |
122,468 |
||||||||
Interest income recognized during the period (includes |
|||||||||||||||
recognized origination fees) |
- |
94 |
396 |
662 |
1,290 |
1,152 |
7,831 |
||||||||
Financial ratios: |
|||||||||||||||
Return on average assets * |
1.40 % |
1.25 % |
1.47 % |
1.27 % |
1.53 % |
1.35 % |
1.60 % |
||||||||
Return on average common equity * |
11.41 % |
10.42 % |
14.72 % |
12.62 % |
13.89 % |
12.14 % |
14.64 % |
||||||||
Average equity to average assets |
12.29 % |
11.98 % |
9.96 % |
10.06 % |
10.99 % |
11.12 % |
10.94 % |
||||||||
Stockholders' equity to assets |
12.38 % |
12.07 % |
10.61 % |
10.88 % |
10.98 % |
12.38 % |
10.98 % |
||||||||
Tangible equity to tangible assets |
9.23 % |
8.83 % |
8.80 % |
9.04 % |
9.15 % |
9.23 % |
9.15 % |
||||||||
Loan yield * |
4.58 % |
4.29 % |
4.06 % |
4.02 % |
4.25 % |
4.26 % |
4.25 % |
||||||||
Earning asset yield * |
4.32 % |
4.03 % |
3.53 % |
3.32 % |
3.74 % |
3.82 % |
3.79 % |
||||||||
Cost of funds * |
0.93 % |
0.59 % |
0.46 % |
0.38 % |
0.41 % |
0.60 % |
0.48 % |
||||||||
Net interest margin, taxable equivalent * |
3.71 % |
3.63 % |
3.21 % |
3.06 % |
3.47 % |
3.41 % |
3.47 % |
||||||||
Net loan charge-offs to average loans * |
0.12 % |
-0.05 % |
-0.08 % |
-0.04 % |
0.02 % |
0.00 % |
0.02 % |
||||||||
Nonperforming loans to total loans |
0.15 % |
0.17 % |
0.22 % |
0.24 % |
0.37 % |
0.15 % |
0.37 % |
||||||||
Nonperforming assets to total assets |
0.18 % |
0.18 % |
0.18 % |
0.19 % |
0.28 % |
0.18 % |
0.28 % |
||||||||
Allowance for loan losses to loans |
0.78 % |
0.81 % |
0.95 % |
0.94 % |
0.91 % |
0.78 % |
0.91 % |
||||||||
* Components of the quarterly ratios were annualized |
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Bank First Corporation |
|||||||||||
Average assets, liabilities and stockholders' equity, and average rates earned or paid |
|||||||||||
Three Months Ended |
|||||||||||
December 31, 2022 |
December 31, 2021 |
||||||||||
Average |
Interest |
Rate Earned/ |
Average |
Interest |
Rate Earned/ |
||||||
(dollars in thousands) |
|||||||||||
ASSETS |
|||||||||||
Interest-earning assets |
|||||||||||
Loans (2) |
|||||||||||
Taxable |
$ 2,764,365 |
$ 126,842 |
4.59 % |
$ 2,117,319 |
$ 90,468 |
4.27 % |
|||||
Tax-exempt |
96,602 |
4,263 |
4.41 % |
90,296 |
4,152 |
4.60 % |
|||||
Securities |
|||||||||||
Taxable (available for sale) |
237,789 |
5,380 |
2.26 % |
119,901 |
3,311 |
2.76 % |
|||||
Tax-exempt (available for sale) |
81,497 |
2,183 |
2.68 % |
71,804 |
2,179 |
3.03 % |
|||||
Taxable (held to maturity) |
38,457 |
1,102 |
2.87 % |
- |
- |
- |
|||||
Tax-exempt (held to maturity) |
5,196 |
134 |
2.58 % |
5,912 |
151 |
2.55 % |
|||||
Cash and due from banks |
92,500 |
3,328 |
3.60 % |
289,943 |
454 |
0.16 % |
|||||
Total interest-earning assets |
3,316,406 |
143,232 |
4.32 % |
2,695,175 |
100,715 |
3.74 % |
|||||
Non interest-earning assets |
339,345 |
226,891 |
|||||||||
Allowance for loan losses |
(22,500) |
(20,381) |
|||||||||
Total assets |
$ 3,633,251 |
$ 2,901,685 |
|||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||
Interest-bearing deposits |
|||||||||||
Checking accounts |
$ 279,638 |
$ 2,224 |
0.80 % |
$ 203,363 |
$ 253 |
0.12 % |
|||||
Savings accounts |
833,316 |
4,892 |
0.59 % |
550,402 |
1,835 |
0.33 % |
|||||
Money market accounts |
630,001 |
5,051 |
0.80 % |
687,353 |
1,911 |
0.28 % |
|||||
Certificates of deposit |
377,617 |
4,806 |
1.27 % |
248,318 |
2,082 |
0.84 % |
|||||
Brokered Deposits |
6,719 |
198 |
2.95 % |
12,079 |
349 |
2.89 % |
|||||
Total interest bearing deposits |
2,127,291 |
17,171 |
0.81 % |
1,701,515 |
6,430 |
0.38 % |
|||||
Other borrowed funds |
71,258 |
3,188 |
4.47 % |
57,922 |
759 |
1.31 % |
|||||
Total interest-bearing liabilities |
2,198,549 |
20,359 |
0.93 % |
1,759,437 |
7,189 |
0.41 % |
|||||
Non-interest bearing liabilities |
|||||||||||
Demand Deposits |
984,037 |
812,403 |
|||||||||
Other liabilities |
4,086 |
11,008 |
|||||||||
Total Liabilities |
3,186,672 |
2,582,848 |
|||||||||
Shareholders' equity |
446,579 |
318,837 |
|||||||||
Total liabilities & sharesholders' equity |
$ 3,633,251 |
$ 2,901,685 |
|||||||||
Net interest income on a fully taxable equivalent basis |
122,873 |
93,526 |
|||||||||
Less taxable equivalent adjustment |
(1,381) |
(1,361) |
|||||||||
Net interest income |
$ 121,492 |
$ 92,165 |
|||||||||
Net interest spread (3) |
3.39 % |
3.33 % |
|||||||||
Net interest margin (4) |
3.71 % |
3.47 % |
|||||||||
(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, 2022 |
December 31, 2021 |
||||||||||
Average |
Interest |
Rate Earned/ |
Average |
Interest |
Rate Earned/ |
||||||
(dollars in thousands) |
|||||||||||
ASSETS |
|||||||||||
Interest-earning assets |
|||||||||||
Loans (2) |
|||||||||||
Taxable |
$ 2,434,554 |
$ 103,612 |
4.26 % |
$ 2,128,327 |
$ 90,172 |
4.24 % |
|||||
Tax-exempt |
96,183 |
4,227 |
4.39 % |
88,978 |
4,113 |
4.62 % |
|||||
Securities |
|||||||||||
Taxable (available for sale) |
227,101 |
5,230 |
2.30 % |
103,277 |
2,788 |
2.70 % |
|||||
Tax-exempt (available for sale) |
81,181 |
2,140 |
2.64 % |
70,864 |
2,207 |
3.11 % |
|||||
Taxable (held to maturity) |
24,416 |
670 |
2.74 % |
- |
- |
- |
|||||
Tax-exempt (held to maturity) |
5,396 |
139 |
2.58 % |
6,098 |
155 |
2.54 % |
|||||
Cash and due from banks |
220,929 |
1,883 |
0.85 % |
237,021 |
310 |
0.13 % |
|||||
Total interest-earning assets |
3,089,760 |
117,901 |
3.82 % |
2,634,565 |
99,745 |
3.79 % |
|||||
Non interest-earning assets |
280,249 |
222,548 |
|||||||||
Allowance for loan losses |
(22,152) |
(19,320) |
|||||||||
Total assets |
$ 3,347,857 |
$ 2,837,793 |
|||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||
Interest-bearing deposits |
|||||||||||
Checking accounts |
$ 253,443 |
$ 1,075 |
0.42 % |
$ 209,970 |
$ 252 |
0.12 % |
|||||
Savings accounts |
691,599 |
3,099 |
0.45 % |
497,958 |
1,773 |
0.36 % |
|||||
Money market accounts |
666,717 |
3,025 |
0.45 % |
664,591 |
2,115 |
0.32 % |
|||||
Certificates of deposit |
286,054 |
2,818 |
0.99 % |
278,602 |
2,967 |
1.06 % |
|||||
Brokered Deposits |
8,587 |
251 |
2.92 % |
14,718 |
420 |
2.85 % |
|||||
Total interest bearing deposits |
1,906,400 |
10,268 |
0.54 % |
1,665,839 |
7,527 |
0.45 % |
|||||
Other borrowed funds |
185,329 |
2,181 |
1.18 % |
63,474 |
777 |
1.22 % |
|||||
Total interest-bearing liabilities |
2,091,729 |
12,449 |
0.60 % |
1,729,313 |
8,304 |
0.48 % |
|||||
Non-interest bearing liabilities |
|||||||||||
Demand Deposits |
878,727 |
785,364 |
|||||||||
Other liabilities |
4,971 |
12,746 |
|||||||||
Total Liabilities |
2,975,427 |
2,527,423 |
|||||||||
Shareholders' equity |
372,430 |
310,370 |
|||||||||
Total liabilities & sharesholders' equity |
$ 3,347,857 |
$ 2,837,793 |
|||||||||
Net interest income on a fully taxable equivalent basis |
105,452 |
91,441 |
|||||||||
Less taxable equivalent adjustment |
(1,366) |
(1,359) |
|||||||||
Net interest income |
$ 104,086 |
$ 90,082 |
|||||||||
Net interest spread (3) |
3.22 % |
3.31 % |
|||||||||
Net interest margin (4) |
3.41 % |
3.47 % |
|||||||||
(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. |
|||||||||||
For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200 / [email protected]
SOURCE Bank First Corporation
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