Bank First Corporation · NASDAQ:BFC
Bank First — Shareholder Meeting (June 2024)
37 slides from Bank First's shareholder meeting presentation, Jun 18, 2024
Slide 1: Annual Shareholder Meeting June 17, 2024
ANNUAL SHAREHOLDER MEETING June 17, 2024
Slide 2: 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. Because o
Slide 3: Mike Molepske, Chairman and Chief Executive Officer
3 MIKE MOLEPSKE Chairman and Chief Executive Officer
Slide 4: Welcome: Board of Directors
WELCOME Board of Directors MARY-KAY BOURBULAS ERIN DAVIS BOB GREGORSKI JUDY HEUN STEVE JOHNSON ‘Co-owner, Founder, CEO, Founder and Principal, Financial Consultant. Retired Market President/ ‘and Manager, Quality Roasting, Inc. Gregorski Development, LLC Kohler Co. CRA Officer, Handen Distillery Ban
Slide 5: Welcome: Senior Management
WELCOME Senior Management MIKE MOLEPSKE TIM MCFARLANE KEVIN LEMAHIEU KELLY DVORAK JASON KREPLINE KRIS PELOT Chief Executive Officer President Chief Financial Officer Chief Legal Counsel Chief Lending Officer Senior Vice President Operations MEGHANN KASPER DEBBIE WEYKER JEFF ZIMMERLEE SHAROL SCHROEDE
Slide 6: Special Guests
Special Guests 6 WELCOME MARK KANALY Partner at Alston & Bird, LLP SARAH SAUNDERS Partner at Forvis Mazars
Slide 7: Meeting Business
• Determination of Quorum • Approval of Minutes • Business to be Conducted 7 MEETING BUSINESS
Slide 8: Proposal 1: Election of Directors
To elect five (5) directors of the Company, each for three-year terms and in each case until their successors are elected and qualified. 8 PROPOSAL 1 BOB GREGORSKI ERIN DAVIS PHIL MAPLES MARY-KAY BOURBULAS PETE VAN SISTINE
Slide 9: Proposals 2 and 3: Auditor Ratification and Compensation Vote
9 To ratify the appointment of FORVIS MAZARS, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. PROPOSAL 2 To hold an advisory vote on the compensation of the Company’s named executive officers. PROPOSAL 3
Slide 10: Proposals 4 and 5: Say-on-Pay Frequency and Other Business
10 To hold an advisory vote on the frequency of the advisory vote on executive compensation. PROPOSAL 4 To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. PROPOSAL 5
Slide 11: Mike Ansay, Retiring Director
$11.25 $81.64 6/1/2010 6/1/2024 11 MIKE ANSAY RETIRING DIRECTOR • Joined Bank First Corporation in 2010 • Appointed Vice-Chairman in 2012 • Served as Chairman 2013-2022 • Chairman and CEO Ansay & Associates • Managing member of Ansay Development Corporation & Ansay International BFC STOCK PRICE 626%
Slide 12: Dave Sachse, Retiring Director
DAVE SACHSE $11.25 $81.64 6/1/2010 6/1/2024 12 RETIRING DIRECTOR • Joined Bank First Corporation in 2010 • Appointed Lead Independent Director in 2022 • President and Owner of Landmark Consultants, Inc. BFC STOCK PRICE 626% INCREASE
Slide 13: New Lead Independent Director Mary-Kay Bourbulas
13 NEW LEAD INDEPENDENT DIRECTOR MARY-KAY BOURBULAS • Joined Bank First Corporation in 2019 • Chair of the Governance and Nominating Committee • Served on the Board of Directors of Partnership Community Bancshares, Inc. from 2013-2019 • Co-owner, founder and manager of Handen Distillery
Slide 14: New Director Erin Davis
14 NEW DIRECTOR ERIN DAVIS • CEO of Quality Roasting, Inc. • Founder of QR Transport, LLC • Experience in engineering, sales and management in dairy food processing • 2024 Insight on Business “40 Under 40” honoree
Slide 15: Tim McFarlane, President
15 TIM MCFARLANE President
Slide 16: State of the Bank: Bank First in the News
STATE OF THE BANK BANK FIRST IN THE NEWS BankDirector 2023 RankingBanking: • Ranked #5 among banks with $1 billion - $5 billion in assets and #6 among the 300 largest publicly-traded banks in the U.S. S&P Global Market Intelligence • Ranked #3 of 200 banks with $3 billion - $10 billion in assets. Fo
Slide 17: Elevating the Customer Experience
17 Scaling for Growth • Reorganized frontline, retail banking, and business banking functions • Introduced new operations leadership • Focus on talent development Service Delivery • Emphasizing the G.U.E.S.T. experience throughout the organization • Enabling personalized, solution-driven experiences
Slide 18: Investing in Our Facilities: Reedsville Remodel
18 STATE OF THE BANK INVESTING IN OUR FACILITIES REEDSVILLE REMODEL Completed in October 2023
Slide 19: Investing in Our Facilities: Shawano Remodel
19 STATE OF THE BANK INVESTING IN OUR FACILITIES SHAWANO REMODEL Completed in December 2023 Jim Meyer, Market President, represents Bank First at the official ribbon cutting ceremony.
Slide 20: Investing in Our Facilities: New Howard Office
20 STATE OF THE BANK INVESTING IN OUR FACILITIES NEW HOWARD OFFICE Completed in January 2024
Slide 21: Investing in Our Facilities: New Fond du Lac Office
21 STATE OF THE BANK INVESTING IN OUR FACILITIES NEW FOND DU LAC OFFICE Coming Late 2024!
Slide 22: Investing in Our Facilities: New Sturgeon Bay Office
22 STATE OF THE BANK INVESTING IN OUR FACILITIES NEW STURGEON BAY OFFICE Coming Early 2025
Slide 23: Investing in Our Facilities: New Denmark Office
23 STATE OF THE BANK INVESTING IN OUR FACILITIES NEW DENMARK OFFICE Coming Early 2025
Slide 24: Kevin LeMahieu, Chief Financial Officer
24 KEVIN LEMAHIEU Chief Financial Officer
Slide 25: Annual Earnings per Share
Annual Earnings per Share (previous 10 years) 25 FINANCIAL REPORT $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Compounded annual growth rate: 10 year = 15.1% 6 year = 20.0%
Slide 26: Quarterly Earnings per Share
Quarterly Earnings per Share (previous 5 years) 26 FINANCIAL REPORT $0.80 $1.30 $1.80 $2.30 $2.80 $3.30 $3.80 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23
Slide 27: Gain on Loan Sales and PPP Income per Quarter
27 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-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Income from Paycheck Protection Program Loans per Q
Slide 28: Quarterly Earnings Per Share Components
28 FINANCIAL REPORT Quarterly Earnings Per Share (previous 5 years) ($1.00) ($0.50) $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 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 Jun-23 Sep-23 Dec-23 Mar-24 Adjusted EPS Imp
Slide 29: Quarterly Adjusted Earnings per Share
Quarterly Adjusted Earnings per Share (previous 5 years) 29 FINANCIAL REPORT $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23
Slide 30: Net Interest Margin, Earning Asset Yield, and Cost of Funds
Net Interest Margin, Earning Asset Yield, and Cost of Funds per Quarter 30 FINANCIAL REPORT 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Net interest margin Yield on earning assets Cost of funds
Slide 31: Strong Core Deposit Base
31 FINANCIAL REPORT Strong Core Deposit Base (dollars in millions) $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2018 2019 2020 2021 2022 2023 Mar-24 Noninterest Bearing Time Deposits Other Interest Bearing 46% 55% 59% 55% 52% 54% 29% 26% 21% 15% 10% 25% 29% 54% 20% 26% 13% 31% 10% 32% 14% 31% 1
Slide 32: Asset Growth
32 FINANCIAL REPORT $1,124 $1,238 $1,316 $1,753 $1,793 $2,210 $2,718 $2,938 $3,660 $4,222 $4,100 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3/31/2024 Asset Growth (in millions)
Slide 33: Dividends Per Share
33 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 $1.50 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* One-time $0.29 special dividend
Slide 34: Stock Performance (Total Return)
34 STOCK PERFORMANCE (Total Return) $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Value of $100 invested on June 1, 2014 (10 year) BFC Russell 2000 S&P Regional Banking ETF $462.72 $182.47 $155.33 10 yr. compounded annual growth rate: BFC = 16.6% Russell 2000 = 6.2% S&P Regional Banking ETF =
Slide 35: Questions / Comments
35 QUESTIONS / COMMENTS
Slide 36: Who to Contact: Shareholder Services Team
Who to contact: 36 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 37: Thank You!
BankFirst CORPORATION Thenk You!