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2020 Annual Shareholder Meeting – Virtual Format

Due to the public health impact of COVID-19 and our continuing concern for the health and well-being of our employees and shareholders, Bank First Corporation has decided to change its 2020 Annual Meeting of Shareholders from an in-person meeting to an online-only, virtual format. The previously announced date and time of the Annual Meeting, Monday, June 8, 2020 at 4:00 p.m., Central Daylight Time, has not changed.

This change does not affect your ability to vote in advance of the Annual Meeting using one of the methods set forth in the Proxy Statement. We encourage all shareholders to vote their shares as soon as possible to ensure a quorum at the Meeting. All holders of record of outstanding shares of Bank First Corporation common stock on March 30, 2020 are entitled to vote at the Annual Meeting.

Bank First Corporation encourages all shareholders to ask questions and provide comments in advance of the Meeting by contacting our Investor Relations team at (920) 652-3360 or IR@bankfirstwi.bank. Our Chairman of the Board of Directors, Mike Ansay, our President and CEO, Mike Molepske, and our Chief Financial Officer, Kevin LeMahieu will make every effort to answer your questions and respond to your comments during the Meeting.

REGISTER FOR THE ANNUAL MEETING

Financial Highlights

Financial Highlights
2016 FY
12/31/2016
2017 FY
12/31/2017
2018 FY
12/31/2018
2019 FY
12/31/2019
2020 FQ1 YTD
3/31/2020
Balance Sheet ($000)
Total Assets 1,315,997 1,753,404 1,793,165 2,210,168 2,200,320
Total Net Loans 1,015,529 1,385,935 1,416,246 1,725,534 1,754,934
Total Deposits 1,127,020 1,506,642 1,557,167 1,843,311 1,847,209
Equity Attributable to Parent Company 127,523 161,728 174,323 230,211 237,682
Total Equity 127,523 161,728 174,323 230,211 237,682
Profitability (%)
Net Income($000) 14,913 15,313 25,456 26,694 7,266
Net Income Attributable to Parent($000) 14,913 15,313 25,456 26,694 7,266
ROAA 1.13 1.04 1.43 1.37 1.32
Core ROAA 1.03 1.11 1.35 1.32 1.29
ROAE 12.01 11.26 15.36 13.14 12.45
ROATCE 12.85 12.15 17.59 15.82 16.30
Core ROAE 11.02 11.97 14.51 12.70 12.09
Net Interest Margin 3.27 3.46 3.89 3.95 3.82
Reported: Net Interest Margin 3.26 3.45 3.89 3.95 3.81
Efficiency Ratio 52.25 49.99 52.53 50.08 50.13
Noninterest Inc/ Operating Rev 15.49 14.02 12.44 11.25 13.86
Balance Sheet Ratios (%)
Loans/ Deposits 91.06 92.76 91.74 94.20 95.56
Securities/ Assets 12.79 10.71 10.57 12.24 12.02
Total Equity/ Total Assets 9.69 9.22 9.72 10.42 10.80
Tangible Equity/ Tangible Assets 9.14 8.28 8.85 8.39 8.79
Tang Common Equity/ Tang Assets 9.14 8.28 8.85 8.39 8.79
Asset Quality (%)
NPAs/ Assets 0.37 1.40 1.33 0.63 0.57
NPA Excl Restructured/ Assets 0.16 1.39 1.32 0.54 0.48
NPAs & 90+ PD/ Assets 0.37 1.54 1.35 0.64 0.63
NPAs/ Loans & REO 0.47 1.75 1.67 0.79 0.70
Nonaccrual & 90+ & OREO/ Assets 0.17 1.53 1.34 0.56 0.54
NPAs & 90+ PD/ Loans & REO 0.48 1.93 1.70 0.81 0.78
NPA & Loans 90+/ Tangible Common Equity + LLR 3.76 17.43 14.35 7.36 6.87
NCOs/ Avg Loans (0.04) 0.02 0.16 0.39 (0.14)
Loan Loss Reserves/ Gross Loans 1.05 0.83 0.86 0.66 0.73
Reserves/ NPAs 220.02 47.24 51.31 82.43 104.16
Loan Loss Provision/ NCO NM 616.96 127.66 86.04 NM
Capital Adequacy
Tier 1 Common Capital (CET1)($000) 119,246 142,697 157,453 178,882 186,646
Tier 1 Capital($000) 119,246 142,697 157,453 178,882 186,646
Tier 2 Capital($000) 10,728 23,112 23,748 30,018 31,552
Total Capital($000) 129,974 165,809 181,201 208,900 218,198
Total Risk-weighted Assets($000) 1,112,685 1,535,850 1,596,886 2,018,984 2,028,761
Tier 1 Common Capital (CET1) Ratio(%) 10.72 9.29 9.86 8.86 9.20
Tier 1 Ratio(%) 10.72 9.29 9.86 8.86 9.20
Total Capital Ratio(%) 11.69 10.80 11.35 10.35 10.76
Liquidity Coverage Ratio(%) NA NA NA NA NA
Leverage Ratio(%) 8.94 8.47 9.06 8.46 8.68
Basel III Leverage Ratio(%) NA NA NA NA NA
Per Share Information ($)
Common Shares Outstanding(actual) 6,210,892 6,805,684 6,610,358 7,084,728 7,155,955
Avg Diluted Shares(actual) 6,220,694 6,285,901 6,673,758 6,902,616 7,128,246
Basic Book Value per Share 20.53 23.76 26.37 32.49 33.21
Book Value per Share, As Reported 20.53 23.76 26.37 32.49 33.21
Basic Tangible Book Value per Share 19.25 21.11 23.76 25.60 26.44
Tangible Book Value per Share, As Reported 19.25 21.11 23.76 25.60 26.44
Common Dividends Declared per Share 0.59 0.64 0.68 0.80 0.20
EPS after Extra 2.40 2.44 3.81 3.87 1.02
EPS after Extra Growth(%) 12.70 1.70 56.10 1.60 2
Core EPS 2.20 2.59 3.60 3.74 0.99
Core EPS Growth(%) 15.40 17.80 38.80 3.90 7.70
Diluted EPS before Amortization 2.40 2.46 3.92 4.02 1.07
Pre-Provision Earnings per Share 2.20 2.65 3.84 4.28 1.02
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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