About Bank First

Bank First Corporation operates as a bank holding company for Bank First, N.A. (the bank) that provides financial services, including retail and commercial banking. The company serves businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking. Some of the products that the company offers include checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, commercial and industrial loans, commercial real estate loans, construction and development loans, residential mortgages, consumer loans, credit cards, online banking, telephone banking and mobile banking. The bank has four subsidiaries: UFS, LLC (UFS), Bank First Investments, Inc., TVG Holdings, Inc. (TVG) and BFC Title, LLC. UFS is a Wisconsin limited liability company, in which the bank is a 49.8% member. UFS provides core data processing, endpoint management, cloud services, cyber security, and digital banking solutions to the bank and many other community banks in and around Wisconsin. Bank First Investments, Inc. is a Wisconsin corporation and is wholly-owned by the bank. Bank First Investments, Inc.’s purpose is to provide investment and safekeeping services to the bank. TVG is a Wisconsin corporation. It is a wholly-owned subsidiary of the bank, and its purpose is to hold the bank’s 40% ownership interest in Ansay & Associates, LLC (Ansay). Ansay is one of the nation’s largest independent insurance providers, and the bank’s minority ownership of Ansay allows the bank to provide diversified services to its customers without the risk and expense of an in-house insurance department. BFC Title, LLC is a Wisconsin limited liability company. It is a wholly-owned subsidiary of the bank, and its purpose is to hold the bank’s 5.88% ownership interest in Generations Title, LLC, a Wisconsin title company. Aside from the bank, the company also has another wholly-owned subsidiary, Veritas Asset Holdings, LLC, a troubled asset liquidation company. Real Estate Loans The principal component of the company’s loan portfolio is loans secured by real estate. Real estate loans are subject to the same general risks as other loans and are particularly sensitive to fluctuations in the value of real estate. Fluctuations in the value of real estate and rising interest rates, as well as other factors arising after a loan has been made, could negatively affect a borrower’s cash flow, creditworthiness, and ability to repay the loan. The company obtains a security interest in real estate whenever possible, in addition to any other available collateral, in order to increase the likelihood of the ultimate repayment of the loan. These loans generally will fall into one of two categories: Commercial Real Estate: Commercial real estate loans generally have terms of 10 years or less, although payments may be structured on a longer amortization basis. The company evaluates each borrower on an individual basis and attempt to determine their business risks and credit profile. The company attempts to reduce credit risk in the commercial real estate portfolio by emphasizing loans on owner-occupied industrial, office, and retail buildings where the loan-to-value ratio, established by independent appraisals, does not generally exceed 85% of cost or appraised value. The company also generally requires that a borrower’s cash flow exceed 110% of monthly debt service obligations. Commercial real estate loans are generally viewed as having more risk of default than residential real estate loans. They are also typically larger than residential real estate loans and consumer loans and depend on cash flows from the owner’s business or the property to service the debt. Because the company’s loan portfolio contains a number of commercial real estate loans with relatively large balances, the deterioration of one or a few of these loans could cause a significant increase in its levels of nonperforming assets. Residential Mortgage Loans and Home Equity Loans: The company originates and holds short-term and long-term first mortgages and traditional second mortgage residential real estate loans. Generally, the company limits the loan-to-value ratio on its residential real estate loans to 90%. The company offers fixed and adjustable rate residential real estate loans with terms of up to 30 years. The company also offers a variety of lot loan options to consumers to purchase the lot on which they intend build their home. The company also offers traditional home equity loans and lines of credit. The company is underwriting criteria for, and the risks associated with, home equity loans and lines of credit are generally the same as those for first mortgage loans. Home equity loans typically have terms of 20 years or less. The company generally limits the extension of credit to 90% of the available equity of each property. Commercial and Industrial Loans The company has significant expertise in small to middle market commercial and industrial lending. The company’s success is the result of its product and market expertise, and its focus on delivering high-quality, customized and quick turnaround service for its clients due to its focus on maintaining an appropriate balance between prudent, disciplined underwriting, on the one hand, and flexibility in its decision making and responsiveness to its clients, on the other hand, which has allowed it to grow its commercial and industrial loan portfolio while maintaining strong asset quality. The company provides a mix of variable and fixed rate commercial and industrial loans. The loans are typically made to small- and medium-sized businesses involved in professional services, accommodation and food services, health care, wholesale trade, financial institutions, manufacturing, distribution, retailing and non-profits. The company extends commercial business loans for working capital, accounts receivable and inventory financing and other business purposes. Generally, short-term loans have maturities ranging from 3 months to 1 year, and term loans have maturities ranging from 3 to 20 years. Lines of credit are generally intended to finance transactions and typically provide for periodic principal payments, with interest payable monthly. Term loans generally provide for floating and fixed interest rates, with monthly payments of both principal and interest. Construction and Development Loans The company offers fixed and adjustable rate residential and commercial construction loan financing to builders and developers and to consumers who wish to build their own home. The term of construction and development loans generally is limited to 9 to 24 months, although payments may be structured on a longer amortization basis. Most loans will mature and require payment in full upon completion and either the sale of the property or refinance into a permanent loan. Construction and development loans generally carry a higher degree of risk than long-term financing of stabilized, rented, and owner-occupied properties because repayment depends on the ultimate completion of the project and usually on the subsequent sale of the property. The company attempts to reduce risk associated with construction and development loans by obtaining personal guaranties and by keeping the maximum loan-to-value ratio at or below 85% of the lesser of cost or appraised value, depending on the project type. Consumer Loans The company makes a variety of loans to individuals for personal and household purposes, including secured and unsecured installment loans and revolving lines of credit. Consumer loans are underwritten based on the borrower’s income, current debt level, past credit history, and the availability and value of collateral. Consumer rates are both fixed and variable, with negotiable terms. The company’s installment loans typically amortize over periods up to seven years. Although the company typically requires monthly principal and interest payments on its loan products, it will offer consumer loans at interest only with a single maturity date when a specific source of repayment is available. Mortgage Banking Activities The company’s mortgage banking operations include correspondent or secondary market lending, and in-house mortgage lending (included in residential mortgage and home equity loan totals above). The company conducts secondary market lending through Fannie Mae, Federal Home Loan Bank of Chicago, U.S. Dept. of Agriculture, and the Wisconsin Housing and Economic Development Authority. The company also offers a number of in-house mortgage products, including adjustable rate mortgages at one, three, five, seven, ten, and fifteen years, and fixed rate mortgages at up to thirty years. The company also offers an eleven-month construction loan, a construction to permanent loan, and a twelve-month bridge loan. Deposit Products The company offers a range of traditional deposit services through its branch network in its market areas that are available in banks and savings institutions, including checking accounts, commercial accounts, savings accounts and other time deposits of various types, ranging from money market accounts to long-term certificates of deposit. It also offers retirement accounts and health savings accounts. The company’s customers include individuals, businesses, associations, organizations and governmental authorities. The company’s deposits are insured by the FDIC up to statutory limits. Investment Securities As of December 31, 2022, the company’s investment portfolio included U.S. Treasury securities; obligations of U.S. Government sponsored agencies; obligations of states and political subdivisions; mortgage-backed securities; corporate notes; and certificates of deposit. Supervision and Regulation The company is registered as a bank holding company with the Board of Governors of the Federal Reserve System (Federal Reserve) under the Bank Holding Company Act of 1956, as amended (BHC Act). As such, the company is subject to supervision and regulation by the Federal Reserve and are subject to its regulatory reporting requirements. The company is required to comply with various corporate governance and financial reporting requirements under the Sarbanes-Oxley Act of 2002, as well as rules and regulations adopted by the U.S. Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), and Nasdaq. The bank is a member of the Federal Reserve and regulated by the Office of the Comptroller of the Currency (OCC). The bank’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The bank is also subject to certain Federal Reserve regulations. In addition, the bank and any other of its subsidiaries that offer consumer financial products and services are subject to regulation and supervision by the Consumer Financial Protection Bureau (CFPB). The bank’s deposits are insured by the FDIC’s Deposit Insurance Fund (DIF) approximately the limits under applicable law. The bank is subject to FDIC assessments for its deposit insurance. The bank is subject to the provisions of the Community Reinvestment Act (CRA). The bank is also subject to, among other things, the provisions of the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA). History The company, a Wisconsin corporation, was founded in 1894. The company was formerly known as First Manitowoc Bancorp, Inc. and changed its name to Bank First National Corporation in 2014. Further, it changed its name to Bank First Corporation in 2019.

Country
Industry:
Commercial banks
Founded:
1894
IPO Date:
06/26/2003
ISIN Number:
I_US06211J1007
Address:
402 North 8th Street, Manitowoc, Wisconsin, 54220, United States
Phone Number
920 652 3100

Key Executives

CEO:
Molepske, Michael
CFO
LeMahieu, Kevin
COO:
Data Unavailable