Bank First Corporation · NASDAQ:BFC
Bank First — Merger or Acquisition (July 2022)
11 slides from Bank First's merger presentation, Jul 26, 2022
Slide 1: Acquisition of Hometown Bancorp, Ltd Investor Presentation
ACQUISITION OF HOMETOWN BANCORP, LTD INVESTOR PRESENTATION July 26, 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: Transaction Highlights
3 • Acquisition of high - performing Wisconsin - based community bank continues Bank First’s growth strategy • Partners two highly compatible franchises with shared ethical values and commitment to the people they serve • Franchise overlap in Wisconsin enhances Bank First’s market share position whi
Slide 4: Transaction Summary
TRANSACTION SUMMARY Buyer ▪ Bank First Corporation (“Bank First”) ▪ Manitowoc, WI ▪ Established 1894 Seller ▪ Hometown Bancorp, Ltd (“Hometown”) ▪ Fond du Lac, WI ▪ Established 1907 Consideration ▪ Stock consideration exchange ratio of 0.3962x or $29.16 per share in cash ▪ Cash election limited to 3
Slide 5: Overview of Hometown Bank
5 1) Annual average shown for 2017 through 2021 2) As of March 31, 2022 3) 2022Q2 profitability metrics shown for the six months ending June 30, 2022 4) Excludes TDRs, 2022Q2 column incorporates March 31, 2022 data Note: Financial shown for Hometown Bank as of June 30, 2022, unless noted otherwise S
Slide 6: Building the Premier Wisconsin Franchise
BUILDING THE PREMIER WISCONSIN FRANCHISE 6 Note: Bank First branch count shown pro forma for the pending acquisition of Denmark Bancshares, Inc.; Source: S&P Capital IQ Pro
Slide 7: Pro Forma Loan & Deposit Mix
7 PRO FORMA LOAN & DEPOSIT MIX Pro Forma Yield on Loans: 4.05% Yield on Loans: 4.18% Yield on Loans: 4.06% Cost of Deposits: 0.25% Cost of Deposits: 0.06% Cost of Deposits: 0.22% Deposit Composition Loan Composition 1 - 4 23% CRE 51% C&I 17% C&D 6% Cons. + Other 2% 1 - 4 16% CRE 45% C&I 31% C&D 6% C
Slide 8: Financial Impact
8 FINANCIAL IMPACT Key Assumptions ▪ Cost savings of 40.0% of Hometown’s expense base ▪ $8.7 million in estimated pre - tax deal expense ▪ Loan credit mark of 1.50% estimated gross loans at closing, or $6.2 million ▪ PCD loan credit mark of 50.0% or $3.1 million, pre - tax (recorded as ACL) ▪ Non -
Slide 9: Demonstrated M&A Experience
Source: S&P Capital IQ Pro 9 $1.2 $1.3 $1.8 $1.8 $2.2 $2.7 $2.9 $3.0 $0.7 $0.6 2015 2016 2017 2018 2019 2020 2021 2022Q2 Total Assets ($B) DEMONSTRATED M&A EXPERIENCE Acquisition Waupaca Bancorporation October 2017 $ 429M Assets Acquisition Partnership Community Bancshares July 2019 $310 M Assets Ac
Slide 10: Driving Earnings Per Share Growth
$1.91 $2.20 $2.59 $3.60 $3.74 $4.71 $5.88 $6.03 $6.82 $0.74 2015 2016 2017 2018 2019 2020 2021 2022E 2023E DRIVING EARNINGS PER SHARE GROWTH 10 Note: 2022E and 2023E are median consensus analyst estimates; 2023E includes the impact of 10.9% EPS accretion Source: S&P Capital IQ Pro Earnings Per Share
Slide 11: Thank You!
THANK YOU! www.bankfirst.com | MEMBER FDIC EQUAL HOUSING LENDER