Bank First Corporation · NASDAQ:BFC
Bank First — Merger or Acquisition (July 2025)
12 slides from Bank First's merger presentation, Jul 18, 2025
Slide 1: Acquisition of Centre 1 Bancorp, Inc. Investor Presentation
ACQUISITION OF CENTRE 1 BANCORP, INC. INVESTOR PRESENTATION July 18, 2025 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 general, forward-looking statements usually use words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “should,” “plan
Slide 3: Building a Premier Midwest Franchise
BUILDING A PREMIER MIDWEST FRANCHISE 3 1) Estimated tangible common equity at closing inclusive of purchase accounting marks and one-time merger expenses Note: Financial data as of June 30, 2025; Estimated financial impact is presented for illustrative purposes only; Branch count includes full-servi
Slide 4: Overview of Centre 1 Bancorp, Inc.
4 Trust & Portfolio Management Branch Footprint Centre Financial Highlights ▪ The First National Bank and Trust Company (“FNBT”), Centre’s bank subsidiary, was founded in 1882 and is based in Beloit, Wisconsin ▪ Operates in southern Wisconsin and northern Illinois, with 17 full-service branches and
Slide 5: Transaction Highlights
5 • The acquisition of a successful community bank aligns with Bank First's ongoing growth strategy, moving Bank First’s Wisconsin deposit market share from #10 to #7 • This partnership merges two highly compatible franchises, both sharing a commitment to their communities and strong customer relati
Slide 6: Expansion in Southern Wisconsin and Entry to Northern Illinois
EXPANSION IN SOUTHERN WISCONSIN AND ENTRY TO NORTHERN ILLINOIS 6 Rank Institution Branch Count Dep. ($M) MKT Share (%) 1 Bank of Montreal 5 538 16.4 2 Centre 1 Bancorp, Inc. 7 472 14.4 3 Johnson Financial Group Inc. (WI) 2 439 13.4 4 Associated Banc-Corp (WI) 2 367 11.2 5 First Mid Bancshares (IL) 3
Slide 7: Pro Forma Loan & Deposit Mix
MRQ Pro Forma ¹ Yield on Loans: 5.67% Yield on Loans: 5.57% Yield on Loans: 5.66% Cost of Deposits: 1.80% Cost of Deposits: 1.52% Cost of Deposits: 1.75% Loan Composition Deposit Composition 26% 10% 35% 12% 8% 7% 3% 1-4 Multi CRE C&I C&D Farm + Ag. Cons. + Other 26% 6% 40% 12% 4% 9% 2% 26% 9% 36% 12
Slide 8: Transaction Summary
TRANSACTION SUMMARY Buyer ▪ Bank First Corporation (“Bank First”) ▪ Manitowoc, WI ▪ Established 1894 Seller ▪ Centre 1 Bancorp, Inc. (“Centre”) ▪ Beloit, WI ▪ Established 1882 Consideration ▪ 100% Stock consideration ▪ 0.9200x Exchange ratio Transaction Value¹ ▪ $174.3 million in aggregate² ▪ $115.7
Slide 9: Financial Impact
9 FINANCIAL IMPACT Key Assumptions ▪ Cost savings of 40.0% of Centre’s expense base ($22.0 million fully-phased in) ▪ 75% phased-in during 2026, 100% thereafter ▪ $21.5 million in estimated pre-tax deal expenses, fully realized in pro forma tangible book value estimate at closing ▪ Loan credit mark
Slide 10: Demonstrated M&A Experience
Note: Completion date shown for past acquisitions Source: S&P Capital IQ Pro 10 Total Assets ($B) DEMONSTRATED M&A EXPERIENCE Acquisition Hometown Bancorp February 2023 $654M Assets Acquisition Tomah Bancshares May 2020 $183M Assets Acquisition Denmark Bancshares August 2022 $681M Assets Acquisition
Slide 11: Driving Earnings Per Share Growth
DRIVING EARNINGS PER SHARE GROWTH 11 1) BFC closed UFS sale on October 1, 2023 and recorded a $39 million pre-tax gain Note: 2025E and 2026E are median consensus analyst estimates as of July 8, 2025 Source: S&P Capital IQ Pro Earnings Per Share ($) 2026E EPS Accretion from Centre Acquisition of 33.9
Slide 12: Thank You!
THANK YOU! www.bankfirst.com | MEMBER FDIC EQUAL HOUSING LENDER