Bank First Corp
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
BFC$150.86+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated statements of cash flows
Consolidated Statements of Cash Flows
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Years Ended December 31 | |||||||||
| · · 2024 · 2023 · 2022 | |||||||||
| · · (In Thousands) | |||||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net income | | $65,563 | | $74,514 | | $45,214 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | |||
| Provision for credit losses | | (800) | | 4,682 | | 2,200 | |||
| Depreciation and amortization of premises and equipment | | 2,253 | | 2,073 | | 1,656 | |||
| Amortization of intangibles | | 5,793 | | 6,324 | | 2,318 | |||
| Net (accretion) amortization of securities | | (3,411) | | (2,377) | | 315 | |||
| Amortization of stock-based compensation | | 2,172 | | 2,142 | | 1,662 | |||
| Accretion of purchase accounting valuations | | (4,635) | | (6,884) | | (2,559) | |||
| Net change in deferred loan fees and costs | | (488) | | (1,434) | | (881) | |||
| Expense (benefit) from deferred income taxes | | | 1,773 | | | (1,724) | | | (869) |
| Change in fair value of MSR and other investments | | 296 | | (693) | | (3,028) | |||
| Loss from sale and disposal of premises and equipment | | 375 | | 363 | | 57 | |||
| Net (gain) loss on sale of OREO and valuation allowance | | (694) | | 2,133 | | (146) | |||
| Proceeds from sales of mortgage loans | | 118,240 | | 74,693 | | 85,471 | |||
| Originations of mortgage loans held for sale | | (117,018) | | (76,160) | | (83,774) | |||
| Gain on sales of mortgage loans | | (1,298) | | (897) | | (1,560) | |||
| Realized loss on sale of securities | | 34 | | 7,901 | | — | |||
| Realized gain on sale of UFS | | | — | | | (38,904) | | | — |
| Undistributed income of UFS joint venture | | — | | (2,265) | | (3,055) | |||
| Undistributed income of Ansay joint venture | | (3,502) | | (2,922) | | (2,558) | |||
| Net earnings on life insurance | | (1,661) | | (1,534) | | (925) | |||
| (Increase) decrease in other assets | | (2,994) | | (2,006) | | 2,877 | |||
| Increase (decrease) in other liabilities | | 5,849 | | 15,920 | | (2,407) | |||
| Net cash provided by operating activities | | 65,847 | | 52,945 | | 40,008 | |||
| Cash flows from investing activities, net of effects of business combination: | | | | ||||||
| Activity in securities available for sale and held to maturity: | | | | ||||||
| Sales | | 10,206 | | 76,038 | | — | |||
| Maturities, prepayments, and calls | | 206,357 | | 126,737 | | 14,690 | |||
| Purchases | | (302,209) | | (26,646) | | (142,414) | |||
| Proceeds from other investments | | | — | | | 248 | | | — |
| Net increase in loans | | (168,856) | | (37,410) | | (198,000) | |||
| Proceeds from sale of UFS | | | — | | | 51,674 | | | — |
| Dividends received from UFS | | — | | 1,747 | | 2,408 | |||
| Dividends received from Ansay | | 2,335 | | 1,924 | | 1,960 | |||
| Proceeds from sale of OREO | | 3,938 | | 1,827 | | 320 | |||
| Net (purchase) sales of Federal Home Loan Bank (“FHLB”) stock | | (1,274) | | 262 | | (635) | |||
| Net purchases of Federal Reserve Bank (“FRB”) stock | | | — | | | (3,880) | | | (3,627) |
| Proceeds from life insurance | | 1,411 | | — | | — | |||
| Proceeds from sale of premises and equipment | | 2,380 | | — | | — | |||
| Purchases of premises and equipment | | (7,225) | | (13,484) | | (6,872) | |||
| Net cash received in business combination | | — | | 89,959 | | 154,364 | |||
| Net cash (used in) provided by investing activities | | (252,937) | | 268,996 | | (177,806) | |||
Consolidated Statements of Cash Flows - (continued)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Years Ended December 31 | |||||||||
| · · 2024 · 2023 · 2022 | |||||||||
| · · (In Thousands) | |||||||||
| Cash flows from financing activities, net of effects of business combination: · · · · | |||||||||
| Net increase (decrease) in deposits | | $228,070 | | $(159,410) | | $(72,879) | |||
| Net increase (decrease) in securities sold under repurchase agreements | | (75,747) | | (21,449) | | 56,074 | |||
| Proceeds from advances of notes payable | | 140,000 | | 121,700 | | 3,122,700 | |||
| Repayment of notes payable | | (40,000) | | (93,107) | | (3,129,584) | |||
| Proceeds from issuance of subordinated notes | | | — | | | — | | | 6,000 |
| Repayment of subordinated notes | | | — | | | (11,500) | | | — |
| Repayment of junior subordinated debentures | | | (4,124) | | | (8,248) | | | — |
| Dividends paid | | (15,562) | | (11,959) | | (7,822) | |||
| Proceeds from sales of common stock | | 245 | | 195 | | 114 | |||
| Repurchase of common stock | | (31,928) | | (10,046) | | (14,314) | |||
| Net cash provided by (used in) financing activities | | 200,954 | | (193,824) | | (39,711) | |||
| Net increase (decrease) in cash and cash equivalents | | 13,864 | | 128,117 | | (177,509) | |||
| Cash and cash equivalents at beginning of year | | 247,468 | | 119,351 | | 296,860 | |||
| Cash and cash equivalents at end of year | | $261,332 | | $247,468 | | $119,351 | |||
| | | | | | | | | | |
| Supplemental disclosures of cash flow information: | | | | ||||||
| Cash paid during the year for: | | | | ||||||
| Interest | | $65,970 | | $44,145 | | $11,311 | |||
| Income taxes | | 14,086 | | 23,806 | | 14,135 | |||
| Supplemental schedule of noncash activities: | | | | | | | |||
| Loans transferred to OREO | | 412 | | — | | 24 | |||
| Closed branch building transferred to OREO | | | 1,748 | | | 2,623 | | | 1,115 |
| MSR resulting from sale of loans | | 1,343 | | 879 | | 771 | |||
| Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity recognized in other comprehensive income, net of tax | | — | | (1) | | (1) | |||
| Change in unrealized gains and losses on investment securities available for sale, net of tax | | (639) | | | (1,080) | | | (19,174) | |
| | | | | | | | | | |
| Acquisition: | | | | | | | | | |
| Fair value of assets acquired | | $— | | $615,105 | | $685,840 | |||
| Fair value of liabilities assumed | | — | | 549,564 | | 612,700 | |||
| Net assets acquired | | $— | | $65,541 | | $73,140 | |||
| Common stock issued in acquisition | | $— | | $115,079 | | $124,771 | |||
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