MANITOWOC, Wis., July 1, 2024 /PRNewswire/ -- Bank First (NASDAQ: BFC) proudly announces the successful implementation of the Empowered Core banking technology platform developed by UFS, a leading technology outfitter for community banks. This transition supports Bank First's growth strategies by offering greater flexibility, speed to market, Fintech enablement, and enhanced acquisition capabilities. The build-out of Bank First's new platform, which began seven months ago, culminated in successfully migrati ...

In order to operate with a sound risk profile, we focus on originating loans that we believe to be of high quality. We have established loan approval policies and procedures to assist us in maintaining the overall quality of our loan portfolio. When delinquencies in our loans exist, we rigorously monitor the levels of such delinquencies for any negative or adverse trends. From time to time, we may modify loans to extend the term or make other concessions to help a borrower with a deteriorating financial con ...

Net income of $15.4 million and earnings per common share of $1.51 for the three months ended March 31, 2024 Annualized return on average assets of 1.50% for the three months ended March 31, 2024 261,340 common shares repurchased, 2.5% of outstanding shares as of the beginning of the period, during the first quarter of 2024 Quarterly cash dividend of $0.35 per share declared, matching the prior-quarter and 16.7% higher than the prior-year first quarter MANITOWOC, Wis., April 16, 2024 /PRNewswire/ -- Bank ...

P.O. Box 10, Manitowoc, WI 54221-0010 For further information, contact: Kevin M. LeMahieu, Chief Financial Officer Phone: (920) 652-3200 / klemahieu@bankfirst.com · Annualized return on average assets of 1.50% for the three months ended March 31, 2024 MANITOWOC, Wis, April 16, 2024 -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $15.4 million, or $1.51 per share, for the first quarter of 2024, compared with net income of ...

Loans and Assets - As of December 31, 2023, total loans receivable amounted to $3.34 billion, representing approximately 79.3% of total assets[4] - Loans secured by real estate constituted approximately $2.59 billion, or 77.4% of the loan portfolio[8] - The company had 26 nonaccrual loans totaling approximately $5.7 million, or 0.2% of total loans[4] - As of December 31, 2023, total consolidated assets were $4.22 billion, total loans were $3.34 billion, total deposits were $3.43 billion, and total stockholders' equity was $619.8 million[43] - As of December 31, 2023, commercial real estate loans constituted approximately $1.70 billion or 50.8% of the loan portfolio[77] - Residential mortgage loans and home equity loans accounted for approximately $888.6 million or 26.6% of the loan portfolio[77] - Commercial and industrial loans made up approximately $487.9 million or 14.6% of the loan portfolio[78] - Construction and development loans represented approximately $200.8 million or 6.0% of the loan portfolio[82] - Consumer loans totaled approximately $51.0 million or 1.5% of the loan portfolio[83] - Approximately 77.4% of the loan portfolio was comprised of loans with real estate as a primary or secondary component of collateral[202] Mergers and Acquisitions - The merger with Hometown Bancorp was completed on February 10, 2023, with a total merger consideration of approximately $130.5 million[27] - Company stock issued in the merger totaled 1,450,272 shares valued at approximately $115.1 million, with cash of $15.4 million[28] Strategic Priorities and Growth - The strategic priorities include growing capital through strong earnings and maintaining a strong credit culture[31] - The Company is focused on maintaining a strong credit culture to ensure sound asset quality and is committed to creating value for customers and shareholders through personalized solutions[47] - The Company is focused on strategic initiatives to enhance operational efficiency and profitability, while managing risks associated with economic conditions and market fluctuations[39] - The company is focused on organic growth but may pursue attractive bank or non-bank acquisition opportunities, facing competition from other financial companies[176] Regulatory Compliance and Capital Requirements - The Company is subject to various regulatory requirements, including maintaining minimum capital levels based on capital-to-asset ratios[56] - The required minimum leverage ratio for all banks is 4.0%, which serves as a minimum capital standard[57] - The capital conservation buffer for CET1 is set at 2.5% above the minimum capital ratio requirements[75] - The Company and Bank's regulatory capital ratios were above the applicable well-capitalized standards and met the capital conservation buffer in 2023[104] - The Company crossed above the $3 billion asset threshold during Q3 2022, requiring adherence to risk-based capital rules[105] - The Bank's base legal lending limit was $66.9 million, while the internal lending limit was set at $53.6 million as of December 31, 2023[102] - The Company must obtain prior approval from the OCC if total dividends declared exceed the sum of net profits for the year and retained net profits for the preceding two years[109] Competition and Market Position - The Company faces competition from various financial institutions, including commercial banks, credit unions, and fintech companies, which may impact its market position[49] - The estimated aggregate population in the Bank's market area is 1,894,606, with total deposits of approximately $60.4 billion as of June 30, 2023[48] - Bank First ranked in the top three of market share in six of the fourteen counties where its branches are located as of June 30, 2023[32] - The company faces significant competition from various financial institutions, including national and regional banks, fintech companies, and credit unions, which may affect its market position[168] - The company’s ability to attract and retain experienced bankers is crucial for executing its business strategy, but competition for talent is intense[175] Cybersecurity and Technology - The company aims to advance its digital strategy and enhance cybersecurity measures as part of its information technology priorities[31] - The Bank must notify regulators within 36 hours of a significant cybersecurity incident, as per new SEC rules adopted on July 26, 2023[123] - The company is under continuous threat of cyberattacks, which could lead to increased operating costs and reputational damage[184] - The financial services industry is experiencing rapid technological changes, with a growing demand for technology-driven products and services, including artificial intelligence and mobile banking applications[180] - The company continues to invest significant resources in core information technology systems to improve operating efficiency and client experience[181] Economic Conditions and Risks - The Bank's operations are vulnerable to economic conditions, including inflation and recession, which could lead to increased loan delinquencies and reduced demand for products[131] - Inflationary pressures continued to rise in 2023, potentially impacting profitability through increased funding costs and reduced consumer purchasing power[163] - Adverse developments affecting real estate values could increase credit risk associated with the real estate loan portfolio, potentially leading to losses[202] - The provision and allowance for credit losses may not be adequate to cover actual credit losses, posing a risk to financial stability[197] - Changes in interest rates may adversely affect net interest income, with decreasing rates reducing yields on variable rate loans and investment securities[190] Diversity and Inclusion - The Company is committed to diversity and inclusion within its workforce and community, which is seen as a foundation for innovation[47] - The company emphasizes diversity, with approximately 73% of employees self-identifying as female and 5% as people of color[65] - The company aims to increase the diversity of its Board in the coming year[65] Deposits and Liquidity - The Bank's deposits are insured by the FDIC up to $250,000 per depositor, per insured bank[115] - The Bank was well capitalized at December 31, 2023, with no restrictions on brokered deposits[103] - The Bank's lending activities are subject to various federal lending limits, including a base legal limit of 15% of the Bank's capital for loans to a single borrower[102] - The Bank's ability to grow and retain deposits is critical to avoid liquidity risk and higher funding costs[138] - The company must manage liquidity at the holding company level for capital infusions, debt servicing, and dividend payments, which are dependent on the bank's future profits and overall condition[164]

Net income of $34.9 million and $74.5 million for the three months and year ended December 31, 2023, respectively Earnings per common share of $3.39 and $7.28 for the three months and year ended December 31, 2023, respectively Annualized return on average assets of 3.34% and 1.83% for the three months and year ended December 31, 2023, respectively $38.9 million pre-tax gain on sale of member interest in UFS, LLC, contributing to $4.18, or 7.50%, and $4.30, or 11.95%, growth in book value per common share a ...

| --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------------------|------------------------------------------------------------|------------------------|---------------------------| | | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount | | As of September 30, 2023 | | | | | | Other real estate owned | Third party appraisals, sales contracts or brokered price options | Collateral discount ...

(Mark One) OR BANK FIRST CORPORATION (Exact name of registrant as specified in its charter) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Securities registered pursuant to Section 1 ...

Our CRE loans are secured by a variety of property types including multifamily dwellings, retail facilities, office buildings, commercial mixed use, lodging and industrial and warehouse properties. We do not have any specific industry or customer concentrations in our CRE portfolio. Our commercial real estate loans are generally for terms up to ten years, with loan-to-values that generally do not exceed 80%. Amortization schedules are long term and thus a balloon payment is generally due at maturity. Under ...

and/or reputation damage, which could have a material adverse effect on our business, financial condition and results of operations. While the Company has policies and procedures designed to prevent any such violations, there can be no assurance that such violations will not occur. See "Business - Supervision and Regulation". A capital injection may be required at times when we do not have the resources to provide it, and therefore we may be required to borrow the funds. In the event of a bank holding compa ...