Bank First Corporation · NASDAQ:BFC
Bank First — Investor Presentation (November 2019)
19 slides from Bank First's investor presentation, Nov 13, 2019
Slide 1: Investor Presentation November 2019
INVESTOR PRESENTATION November 2019 TICKER: BFC (NASDAQ)
Slide 2: Safe Harbor Statement
Safe Harbor Statement FORWARD LOOKING STATEMENTS This presentation may contain “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 . These forward - looking statements reflect the Company’s current views with respect to, among other things, futur
Slide 3: BFC at-a-glance
BFC at - a - glance • Core franchise located in east - central Wisconsin - founded in 1894. • History of strong organic growth supplemented by the acquisition of Waupaca Bancorporation, Inc. (“Waupaca”) in October 2017 ($420MM in assets) and Partnership Community Bancshares, Inc. (“Partnership”) in
Slide 4: Promise, Culture, Vision
PROMISE, CULTURE, VISION OUR PROMISE : We are a relationship - based community bank focused on providing innovative products and services that are value driven . OUR CULTURE : Bank First’s culture celebrates diversity, creativity, and responsiveness, with the highest ethical standards . Employees ar
Slide 5: Bank First Asset Growth
BANK FIRST ASSET GROWTH 1894-2019 =%) BankFirst © BankFirst
Slide 6: History of Robust, Balanced Loan and Deposit Growth
History of Robust, Balanced Loan and Deposit Growth PORTFOLIO LOANS $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2011 2012 2013 2014 2015 2016 2017 2018 2019 (Q3) Legacy offices Waupaca offices Partnership offices DEPOSITS $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Slide 7: History of Solid, Consistent Earnings Per Share Growth
History of Solid, Consistent Earnings Per Share Growth EARNINGS PER SHARE (“EPS”) ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 Impact of Acquisition Costs Impact of Purchase Accounting Core EPS CORE EPS PERCENTAGE GROWTH (REMOVING ACQUISITION COSTS AND PURCHASE ACCOUNTING) 0% 5% 10% 15% 20% 25% * Annualize
Slide 8: History of Strong Asset Quality
History of Strong Asset Quality CLASSIFIED ASSETS TO RISK BASED CAPITAL 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2011 2012 2013 2014 2015 2016 2017 2018 2019 (Q3) Legacy Assets Purchased Assets NONPERFORMING LOANS TO TOTAL LOANS 7 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 2011 2012 2013
Slide 9: Other Historical Financial Metrics
Other Historical Financial Metrics 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% 2011 2012 2013 2014 2015 2016 2017 2018 2019* Return on Assets 5.00% 7.00% 9.00% 11.00% 13.00% 15.00% 17.00% 2011 2012 2013 2014 2015 2016 2017 2018 2019* Return on Equity 45.00% 50.00% 55.00% 60.00% 65.00% 2011 2012 2013 2014 20
Slide 10: Loan and Deposit Portfolio Composition
Loan and Deposit Portfolio Composition Loan Portfolio at September 30, 2019 C&I (17.7%) CRE - Owner Occ (32.8%) CRE - Investment (13.4%) 1-4 Family (27.3%) Other (8.8%) 9 Deposit Portfolio at September 30, 2019 Noninterest-bearing DDA (30.8%) Interest-bearing DDA (5.7%) Savings Accounts (15.4%) Mone
Slide 11: Stock Performance (Total Return)
Stock Performance (Total Return) 0 100 200 300 400 500 600 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 Value of $100 invested on January 1, 2011 BFC Russell 2000 SNL US Bank Index $559.62 $194.39 $ 201.49 Value at September 30, 2019 10
Slide 12: Efficient Network of Offices
Efficient Network of Offices Region Counties Branches Loans (9/30/2019 ) % of Total Loans Deposits (9/30/2019 ) % of Total Deposits Greater of Loans or Deposits per Office Greater of Loans or Deposits per FTE Central Manitowoc 6 $281,845,000 16.4% $602,846,000 32.8% $100,474,000 $ 11,333,000 Souther
Slide 13: Acquisition of Waupaca Bancorporation, Inc. (October 2017)
Acquisition of Waupaca Bancorporation, Inc. (October 2017) • Waupaca Bancorporation, Inc. was the holding company for First National Bank, headquartered in Waupaca, Wisconsin and founded in 1885. • Deal consideration was $78.1 million, consisting of cash of $53.4 million and 653,523 shares of BFC co
Slide 14: Acquisition of Partnership Community Bancshares, Inc. (July 2019)
Acquisition of Partnership Community Bancshares, Inc. (July 2019) • Partnership Community Bancshares, Inc. was the holding company for Partnership Bank, headquartered in Cedarburg, Wisconsin. • Deal consideration was $49.6 million, consisting of cash of $ 14.3 million and 534,731 shares of BFC commo
Slide 15: Investments in Strategic Affiliates – UFS LLC
Investments in Strategic Affiliates – UFS LLC $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2011 2012 2013 2014 2015 2016 2017 2018 Bank First Revenue from UFS (pretax, in thousands) • UFS is a fin - tech technology provider, offering technology, compliance and security solutions purpose built for comm
Slide 16: Investments in Strategic Affiliates – Ansay & Associates, LLC
Investments in Strategic Affiliates – Ansay & Associates, LLC $0 $500 $1,000 $1,500 $2,000 $2,500 2011 2012 2013 2014 2015 2016 2017 2018 Bank First Revenue from Ansay (pretax, in thousands) • Ansay is an independent insurance agency, formed in 1946, which provides property and casualty insurance an
Slide 17: Senior management team
Senior management team BankFirst
Slide 18: Strategic highlights
Strategic highlights ▪ Strategic plan based around the CAMELS framework ▪ Continue to efficiently hold capital needed to fund strategic initiatives while avoiding excess capital to provide a consistent strong return for our shareholders ▪ Ensure the Bank’s historically strong credit culture is maint
Slide 19: Measures of success
Measures of success ▪ Indications that we have correctly implemented our strategic initiatives will include: ▪ Average annual earnings per share growth of 10% ▪ Average annual return on average assets in excess of 1.5% ▪ Assets per full - time equivalent employee in excess of $8 million ▪ Total risk