Bank First Corporation · NASDAQ:BFC
Bank First — Merger or Acquisition (May 2026)
13 slides from Bank First's merger presentation, May 19, 2026
Slide 1: Acquisition of PSB Holdings, Inc. Investor Presentation
TICKER: BFC (NASDAQ) ACQUISITION OF PSB Holdings, Inc. (OTC: PSBQ) INVESTOR PRESENTATION May 19, 2026
Slide 2: Legal Disclosure
LEGAL DISCLOSURE Forward Looking Statements This presentation contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. In g eneral, forward-looking statements usually use words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “should,” “pla
Slide 3: Building a Premier Midwest Franchise
BUILDING A PREMIER MIDWEST FRANCHISE Pro Forma Transaction Entity Impact $7.6bn ~14% Assets ’27 EPS Accr. $5.6bn 1.0% Loans TBV Dilution $6.3bn 0.25 yr. TBV Dilution Deposits Earnback ~$665mm 1.9% Tangible Common ’27E Pro Forma Equity at Close¹ ² ROAA 50 11.1% Branches CET1 Ratio at Close 1) Estimat
Slide 4: Overview of PSB Holdings, Inc.
OVERVIEW OF PSB Holdings, Inc. Company Description PSB Financial Highlights ▪ PSB Holdings, Inc. (“PSB”), the holding company for Peoples State Bank, was $1.5bn 3.45% 13.51% Assets NIM CET1 Ratio¹ founded in 1962 and is headquartered in Wausau, Wisconsin $1.1bn 6.12% 9.97% Loans Yield on Loans Lever
Slide 5: Transaction Highlights
TRANSACTION HIGHLIGHTS • Projected EPS accretion of 14.2% and 12.0% in 2027 and 2028, respectively • 1.0% TBV dilution at closing with an estimated earn back of 0.25 year using the crossover method • Projected 18%+ internal rate of return exceeds internal targets Financially Attractive • Bolsters co
Slide 6: Expansion in Southern Wisconsin and Entry to Northern Wisconsin
EXPANSION IN SOUTHERN WISCONSIN AND ENTRY TO NORTHERN WISCONSIN County of Marathon, WI County of Oneida, WI June 2025 June 2025 Rank Institution Branch Count Dep.($M) MKT Share(%) Rank Institution Branch Count Dep.($M) MKT Share(%) 1 Bank of Montreal 3 1,505 28.8 1 Associated Banc-Corp (WI) 2 278 24
Slide 7: Pro Forma Loan & Deposit Mix
PRO FORMA LOAN & DEPOSIT MIX MRQ Pro Forma ¹ 1-4 1% 2% 3% Loan Composition 6% 8% Multi 8% 1% 6% 25% 26% 6% 25% CRE 13% 16% $4.5B C&I $1.1B 15% $5.6B 10% C&D 6% 9% Farm + Ag. 34% Cons. + 45% 36% Other Yield on Loans: 5.77% Yield on Loans: 6.12% Yield on Loans: 5.84% Deposit Composition Nonint. 4% Bea
Slide 8: Transaction Summary
TRANSACTION SUMMARY ▪ Bank First Corporation (“Bank First”) Buyer ▪ Manitowoc, WI ▪ Established 1894 ▪ PSB Holdings, Inc. (“PSB”) Seller ▪ Wausau, WI ▪ Established 1962 ▪ 100% Stock consideration Consideration ▪ 0.3470x Exchange ratio ▪ $202.9 million in aggregate² Transaction Value¹ ▪ $49.85 implie
Slide 9: Financial Impact
FINANCIAL IMPACT ▪ Cost savings of 35.0% of PSB’s expense base ($14.8 million fully- phased in) ▪ 90% phased-in during 2027, 100% thereafter ▪ $23.0 million in estimated pre-tax deal expenses, fully realized in pro forma tangible book value estimate at closing ▪ Loan credit mark of 2.68% estimated g
Slide 10: Demonstrated M&A Experience
DEMONSTRATED M&A EXPERIENCE Acquisition PSB Holdings Anticipated Q4 2026 $1.5B Assets Acquisition Centre 1 Acquisition Bancorp Hometown Bancorp January 2026 February 2023 $1.5B Assets $654M Assets Acquisition Acquisition Tomah Bancshares Denmark May 2020 Bancshares $183M Assets August 2022 $681M Ass
Slide 11: Driving Earnings Per Share Growth
DRIVING EARNINGS PER SHARE GROWTH 2027E EPS Accretion from PSB Acquisition of 14.2% or $1.47 per share Earnings Per Share ($) 1) BFC closed UFS sale on October 1, 2023 and recorded a $39 million pre-tax gain Note: 2026E and 2027E are median consensus analyst estimates as of May 18, 2026 Source: S&P
Slide 12: Exceptional Total Return Performance
EXCEPTIONAL TOTAL RETURN PERFORMANCE Total Return Performance Since December 31, 2016 Note: Market data as of May 18, 2026 Source: S&P Capital IQ Pro 12
Slide 13: Thank You!
www.bankfirst.com | MEMBER FDIC EQUAL HOUSING LENDER THANK YOU!