Bank First Corporation · NASDAQ:BFC
Bank First — Merger or Acquisition (January 2022)
9 slides from Bank First's merger presentation, Jan 19, 2022
Slide 1: Investor Presentation
INVESTOR PRESENTATION January 19, 2022 TICKER: BFC (NASDAQ)
Slide 2: Legal Disclosure: Forward Looking Statements
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,”
Slide 3: Building the Premier Wisconsin Franchise
Building the Premier Wisconsin Franchise 3 Bank First Corporation Denmark Bancshares, Inc. Additional Scale Creates a top 10 Wisconsin deposit market share bank and fourth largest bank headquartered in Wisconsin 1 Shared Culture Partners two highly compatible franchises with shared ethical values, c
Slide 4: Key Transaction Terms
Key Transaction Terms 4 Merger Structure Pro Forma Ownership 1 Valuation Multiples 2 Key Assumptions Expected Closing • Total Merger Consideration of ~$119M or $37.86 per share 2 • 20% Cash Election limit • Stock Consideration Exchange Ratio of 0.5276x • 175% of Tangible Book Value • 18.3x LTM Earni
Slide 5: Financial Impact
Financial Impact 1 5 EPS Accretion TBV Value Impact Internal Rate of Return Pro Forma Capital • 2022E estimated accretion of 4.9% • 2023E estimated accretion of 7.7% • 20%+ IRR, above internal targets • 9.2% Tangible common equity / Tangible assets estimated at closing • 10.1% Leverage ratio estimat
Slide 6: Denmark Financial Overview
Denmark Financial Overview Denmark State Bank ($ in thousands) FY 2018 FY 2019 FY 2020 FY 2020 YTD 9/30/2021 Loan and Deposit Composition Balance Sheet Total Assets $493,628 $539,656 $646,420 $646,420 $661,100 Loan Portfolio Net Loans $408,647 $422,261 $478,414 $478,414 $472,639 Deposits $422,388 $4
Slide 7: Denmark Deposit Markets
Denmark Deposit Markets Rank Institution (HQ State) Branch Count Market Deposits ($000) Market Share (%) 1 Associated Banc-Corp (WI) 16 4,052,004 37.2 2 Nicolet Bankshares Inc. (WI) 11 1,936,687 17.8 3 Bank of Montreal 8 1,261,269 11.6 Pro Forma Company 6 667,498 6.14 4 Wells Fargo & Co. (CA) 4 605,
Slide 8: Pro Forma Loan Portfolio
Pro Forma Loan Portfolio 8 Loans ($000s) Loans ($000s) Loans ($000s) Construction & Land 116,759$ 5.28% Construction & Land 22,331$ 4.72% Construction & Land 139,090$ 5.18% Farm 105,963 4.79% Farm 75,862 16.1% Farm 181,825 6.77% 1-4 Family 575,471 26.0% 1-4 Family 56,585 12.0% 1-4 Family 632,056 23.
Slide 9: Pro Forma Deposit Composition
Pro Forma Deposit Composition 9 Deposits ($000s) Deposits ($000s) Deposits ($000s) Transaction Accounts 1,008,974$ 40.8% Transaction Accounts 232,220$ 38.9% Transaction Accounts 1,241,194$ 40.4% MMDA & Savings 1,201,663 48.5% MMDA & Savings 256,445 43.0% MMDA & Savings 1,458,108 47.5% Retail CDs 223