Bank First Corporation · NASDAQ:BFC
Bank First — Shareholder Meeting (June 2023)
33 slides from Bank First's shareholder meeting presentation, Jun 16, 2023
Slide 1: Annual Shareholder Meeting June 12, 2023
ANNUAL SHAREHOLDER MEETING June 12, 2023
Slide 2: Michael B. Molepske, Chairman and Chief Executive Officer
2 MICHAEL B. MOLEPSKE Chairman and Chief Executive Officer
Slide 3: Bank First Corporation Board of Directors
Bank First Corporation Board of Directors 3 WELCOME
Slide 4: Bank First Senior Management Team
Bank First Senior Management Team 4 WELCOME
Slide 5: Special Guests
Special Guests 5 WELCOME MARK KANALY Partner at Alston & Bird, LLP SARAH SAUNDERS Partner at Forvis
Slide 6: Robert W. Holmes, Retiring Director
6 ROBERT W. HOLMES RETIRING DIRECTOR • Joined Bank First Corporation in 2020 after serving as Executive Chairman of the Board of Tomah Bancshares, Inc. • 40+ years of financial service experience • Founded First Insurance Services, Inc.(Wisconsin Savings Bank) and Timberwood Bank • Founded Advanced
Slide 7: Timothy J. McFarlane, New Director
7 TIMOTHY J. MCFARLANE NEW DIRECTOR • Joined Bank First as President in February 2023 as part of the Hometown Bancorp, Ltd. merger • 35+ years of financial service experience • Grew Hometown Bank from $189 million in assets to $654 million in assets • Oversees retail and business banking operations,
Slide 8: Meeting Business
• Determination of Quorum • Approval of Minutes • Business to be Conducted 8 MEETING BUSINESS
Slide 9: Proposal: Election of Directors
Election of Directors 9 PROPOSAL 1 TIMOTHY J. MCFARLANE STEPHEN E. JOHNSON DAVID R. SACHSE
Slide 10: Proposal 2: Ratify Appointment of Forvis, LLP
Ratify the appointment of FORVIS, LLP (f/k/a Dixon Hughes Goodman, LLP) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. 10 PROPOSAL 2
Slide 11: Forward Looking Statements
Forward Looking Statements : This presentation may contain certain “forward looking statements” that represent Bank First Corporation’s expectations or beliefs concerning future events . Such forward looking statements are about matters that are inherently subject to risks and uncertainties . Becaus
Slide 12: Kevin LeMahieu, Chief Financial Officer
12 KEVIN LEMAHIEU Chief Financial Officer
Slide 13: Quarterly Pre-Tax Net Income
QUARTERLY PRE - TAX NET INCOME (previous 5 years) 13 FINANCIAL REPORT $5,000,000 $7,000,000 $9,000,000 $11,000,000 $13,000,000 $15,000,000 $17,000,000 $19,000,000 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22
Slide 14: Quarterly Earnings Per Share
QUARTERLY EARNINGS PER SHARE (previous 5 years) 14 FINANCIAL REPORT $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 $1.60 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22
Slide 15: Quarterly Earnings Per Share (Adjusted and Total)
15 FINANCIAL REPORT QUARTERLY EARNINGS PER SHARE (previous 5 years) ($0.50) $0.00 $0.50 $1.00 $1.50 $2.00 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Adjusted EPS Impact of Purchase Accounting Impact of A
Slide 16: Quarterly Adjusted Earnings Per Share
QUARTERLY ADJUSTED EARNINGS PER SHARE (previous 5 years) 16 FINANCIAL REPORT $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22
Slide 17: Gain on Loan Sales and PPP Income per Quarter
17 FINANCIAL REPORT Gain on Sales of Loans to the Secondary Market per Quarter $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Income from Paycheck Protection Program Loans per Q
Slide 18: Treasury Rates: Current vs. Historical
FINANCIAL REPORT Treasury Rates Curent vs. Historical a3 of 5/31/2023 Imonth| 3month| 6 month} 1 year | 2year | 3year | 4year | Syeor | éyear | 7year | 10year = Current Rate 5.05 | 542 | 547 | 5.18 | 440 | 406 | 392 | 377 | 374 | 372 | 3.66 —— I month ago 409 | 503 | 500 | 474 | 401 | 372 | 360 | 34
Slide 19: Cost of Funds per Quarter
COST OF FUNDS PER QUARTER 19 FINANCIAL REPORT 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22
Slide 20: Strong Core Deposit Base
20 FINANCIAL REPORT STRONG CORE DEPOSIT BASE (dollars in millions) $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2017 2018 2019 2020 2021 2022 May-23 Noninterest Bearing Time Deposits Other Interest Bearing 46% 54% 55% 59% 56% 53% 32% 26% 21% 15% 10% 25% 29% 46% 25% 29% 20% 26% 14% 31% 10% 32% 1
Slide 21: Asset Growth
21 FINANCIAL REPORT $1,061 $1,124 $1,238 $1,316 $1,753 $1,793 $2,210 $2,718 $2,938 $3,660 $4,110 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5/31/2023 ASSET GROWTH (in millions)
Slide 22: Dividends Per Share
22 FINANCIAL REPORT DIVIDENDS PER SHARE *Annualized based on the first two quarters of 2023. $0.10 $0.30 $0.50 $0.70 $0.90 $1.10 $1.30 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* One - time $0.29 special dividend
Slide 23: Stock Performance (Total Return)
23 STOCK PERFORMANCE (Total Return) $0 $100 $200 $300 $400 $500 $600 $700 Value of $100 invested on June 1, 2013 (10 year) BFC Russell 2000 S&P Regional Banking ETF $574.10 $ 177.78 $146.84
Slide 24: Tim McFarlane, President
24 TIM MCFARLANE President
Slide 25: Recent Mergers
25 RECENT MERGERS Denmark Bancshares, Inc. • Completed August 12, 2022 • Increased asset size by $687.6 million • Expanded our footprint into Denmark, Shawano, Reedsville/Whitelaw Hometown Bancorp, Ltd. • Completed February 10, 2023 • Increased asset size by $627.6 million • Expanded our footprint i
Slide 26: Our Promise
26 OUR PROMISE We are a relationship - based bank focused on providing innovative solutions that are value driven to the communities we serve.
Slide 27: Large Bank Failures: How Bank First Is Different
27 LARGE BANK FAILURES HOW BANK FIRST IS DIFFERENT: • Recognized as one of the top - performing banks in the country • Relationship - based model of banking • Average deposit size of Bank First’s customer base is $25,000 • Conservative investment strategy
Slide 28: Facilities: Howard and Operations Center
28 FACILITIES HOWARD Targeted Fourth Quarter 2023 Opening OPERATIONS CENTER Opened January 2023!
Slide 29: Facilities: Fond du Lac and Reedsville
29 FACILITIES FOND DU LAC Targeted for 2024 REEDSVILLE Targeted Fourth Quarter 2023 Opening
Slide 30: Facilities: Projects in Process
30 FACILITIES Office Timeline Description Reedsville/Whitelaw 2023 Consolidating the Reedsville/Whitelaw locations to a new facility located along Hwy. 10 in Reedsville. Targeted completion is October 2023. Howard 2023 New construction on Shawano Avenue in progress. Target completion is December 202
Slide 31: Questions / Comments
31 QUESTIONS / COMMENTS
Slide 32: Who to Contact: Shareholder Services Team
Who to contact: 32 SHAREHOLDER SERVICES TEAM Please reach out to Bank First Shareholder Services at shareholderservices@bankfirst.com or 920 - 652 - 3360. Our dedicated team will be able to assist with any questions or concerns you may have. Business cards are available at the entrance.
Slide 33: Bank First Corporation: Thank You
BankFirst CORPORATION THANK >