Bank First Corp Debt Disclosure
Note 14 Notes Payable
There were $110.0 million and $135.5 million of advances outstanding from the FHLB at December 31, 2025 and 2024, respectively. From time to time the Bank utilized short-term FHLB advances to fund liquidity during these years. The advances, rate, and maturities of FHLB advances as of December 31 were as follows:
| Maturity | | Rate | | 2025 | | 2024 | |||
(dollars in thousands) | ||||||||||
Fixed rate, fixed term |
| 06/30/2025 |
| 5.16 | % |
| — |
| 25,000 | |
Fixed rate, fixed term | 03/23/2026 | 4.02 | % | 10,000 | 10,000 | |||||
Fixed rate, fixed term | 05/26/2026 | 1.95 | % | 5,000 | 5,000 | |||||
Fixed rate, fixed term | 06/29/2026 | 4.77 | % | 15,000 | 15,000 | |||||
Fixed rate, fixed term | 03/23/2027 | 3.91 | % | 10,000 | 10,000 | |||||
Fixed rate, fixed term | 06/28/2027 | 4.57 | % | 15,000 | 15,000 | |||||
Fixed rate, fixed term | 03/23/2028 | 3.85 | % | 10,000 | 10,000 | |||||
Fixed rate, fixed term | 07/05/2028 | 4.41 | % | 20,000 | 20,000 | |||||
Fixed rate, fixed term | 07/09/2029 | 4.31 | % | 25,000 | 25,000 | |||||
Fixed rate, fixed term |
| 04/22/2030 |
| 0.00 | % |
| — |
| 508 | |
110,000 | 135,508 | |||||||||
Purchase accounting adjustment | (34) | (136) | ||||||||
Total notes payable | $ | 109,966 | $ | 135,372 | ||||||
Future maturities of borrowings were as follows (dollars in thousands):
December 31, | December 31, | |||||
2025 | 2024 | |||||
1 year or less | | $ | 30,000 | $ | 25,000 | |
1 to 2 years | 25,000 |
| 30,000 | |||
2 to 3 years | 30,000 |
| 25,000 | |||
3 to 4 years | 25,000 |
| 30,000 | |||
4 to 5 years | — |
| 25,000 | |||
Over 5 years | — | 508 | ||||
$ | 110,000 | $ | 135,508 | |||
At December 31, 2025 and 2024, respectively, total loans available to be pledged as collateral on FHLB borrowings were approximately $1.10 billion and $1.47 billion and, of that total, $590.2 million and $818.2 million qualified as eligible collateral. The Bank owned $6.3 million of FHLB stock at December 31, 2025 and 2024. At December 31, 2025 and 2024, the Bank had available liquidity of $480.1 million and $682.6 million for future draws, respectively. FHLB stock is included in other investments at December 31, 2025 and 2024. This stock is recorded at cost, which approximates fair value.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 11, 2020 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.