First Manitowoc Bancorp : Bank First reports 2015 net income of $13.4 million; increases quarterly cash dividend

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N E W S R E L E A S E‌‌

P.O. Box 10 Manitowoc, WI 54221-0010

For further information, contact:

Kevin M. LeMahieu, Chief Financial Officer

Phone: [phone]

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FOR IMMEDIATE RELEASE

Bank First reports 2015 net income of $13.4 million, or $2.13 per share; increases quarterly cash dividend to $0.14 per share

Bank First National Corporation (BFNC) reported net income for the year ended December 31, 2015, of $13.4 million, or $2.13 per share, up 7.0% from 2014. For the three months ended December 31, 2015, Bank First earned $3.1 million or $0.49 per share.

Net interest income after provision for loan losses was $35.0 million for the year ended December 31, 2015, compared to $32.9 million for 2014, representing a 6.4% increase year-over-year. For the three months ended December 31, 2015, net interest income after provision for loan losses grew by 13.2% compared to the same period during 2014, rising from $7.9 million to $9.0 million.

Bank First reported total loan growth of $83.6 million, or 9.6%, from December 2014 to December 2015. This was funded by an increase in core deposits of $107.8 million over that same period, up 11.3%. Demand deposit accounts grew by $57.8 million over the course of 2015 and represent 28.3% of core deposits as of December 31, 2015. Total assets of the Corporation increased by 12.0% year-over-year to $1.24 billion at December 31, 2015. The Corporation ended 2015 with $3.48 million in non- performing assets, a decrease of $1.99 million from $5.47 million at the end of 2014. This represents a non-performing assets to total assets ratio of 0.28% for the Corporation as of December 31, 2015.

Noninterest income was $7.5 million during 2015, compared to $7.9 million during 2014. The primary cause of the decrease in noninterest income was a decline in revenues contributed by the Bank's investment in Ansay & Associates, LLC (Ansay) as they absorbed one-time expenses from a current year business acquisition leading to a year-over-year negative variance of $0.63 million. During 2014 the Corporation sold several municipal securities which were classified as available-for-sale leading to a gain

on sale of investments during that year of $0.51 million. No securities available-for-sale were sold during 2015, leading to a decrease in this area of noninterest income.

Noninterest expense was $22.3 million during 2015, compared to $21.9 million during the prior year, an increase of 1.8%. Increases in salaries and benefits were offset by lower occupancy costs and favorable trends in gains and losses on sales of other real estate owned, leading to a very nominal year-over-year increase in noninterest expense.

"We are very pleased to report record earnings for Bank First for the year ended December 31, 2015. As we look toward 2016 we anticipate our investment in Ansay will return historic profitability. January 2016 saw the opening of our office location in Appleton," stated Mike Molepske, Chief Executive Officer at Bank First. "These events, along with the strong foundation we have in our established markets, gives us great confidence in our ability to continue to deliver on our goal of creating value for the communities we serve, resulting in exceptional returns for our shareholders."

The Corporation's Board of Directors approved a quarterly cash dividend of $0.14 per common share, a 7.7% increase from the previous quarter. The dividend is payable on April 6, 2016, to shareholders of record as of March 23, 2016.

Bank First National Corporation (BFNC) provides financial services through its subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 12 banking locations in Manitowoc, Brown, Sheboygan, Outagamie, and Winnebago counties. The Bank has grown through both acquisitions and de novo branch expansion. The Bank offers loan, deposit and treasury management products at each of its banking offices. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered through the Bank's partnership with Legacy Private Trust, an alliance with Morgan Stanley and an affiliation with McKenzie Financial Services, LLC. The Bank is a co-member of a data processing subsidiary, United Financial Services, LLC, which provides data services for over 50 Midwest banks. The Company employs approximately 160 full-time equivalent staff and has assets of $1.24 billion as of December 31, 2015. Further information about Bank First National Corporation is available by clicking on the Investor Relations tab at www.BankFirstNational.com.

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Forward Looking Statements: This news release may contain certain "forward-looking statements" that represent Bank First National Corporation's expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties.

Because of the risks and uncertainties inherent in forward looking statements, readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by Bank First National Corporation or on its behalf. Bank First National Corporation disclaims any obligation to update such forward-looking statements. In addition, statements regarding historical stock price performance are not indicative of or guarantees of future price performance.

BANK FIRST NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (thousands, except per share data)

ASSETS		12/31/2015		12/31/2014		YOY Change
Cash and due from Banks	$ 21,257	$ 27,584	$ (6,327)
Interest-bearing deposits	6,813	13,471	(6,658)
Federal funds sold		57,574		20,798		36,776
Cash and cash equivalents	85,644	61,853	23,791
Securities available for sale, at fair value	97,358	74,933	22,425
Securities held to maturity, at amortized cost	34,316	36,229	(1,913)
Other investments, at cost	5,338	2,958	2,380
Loans held for sale	368	-	368
Loans	956,637	873,058	83,579
Allowance for loan loss		(10,011)		(9,258)		(753)
Loans, net	946,626	863,800	82,826
Premises and equipment, net	12,960	11,152	1,808
Goodwill	7,984	7,984	-
Intangible assets, net	21	39	(18)
Mortgage Servicing Rights	2,304	2,388	(84)
Investment in minority owned subsidiaries	17,373	16,052	1,321
Other real estate owned	1,855	2,943	(1,088)
Cash value of life insurance	20,015	19,486	529
Other assets		5,513		5,191		322
Total Assets	$ 1,237,675	$ 1,105,008	$ 132,667
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits	$ 1,062,575	$ 954,742	$ 107,833
Securities sold under repurchase agreements	45,617	30,513	15,104
Dividend Payable	817	753	64
Other liabilities		9,738		9,938		(200)
Total liabilities	1,118,747	995,946	122,801
Stockholders' Equity
Common stock--$0.01 par value: Authorized-- 20,000,000 shares Issued--6,714,252	67	67	-
Additional paid-in-capital	2,691	2,606	85
Retained earnings	123,526	113,339	10,187
Accumulated other comprehensive income	1,224	1,435	(211)
Treasury stock, at cost		(8,580)		(8,385)		(195)
Total stockholders' equity		118,928		109,062		9,866
Total Liabilities and Stockholders' Equity	$ 1,237,675	$ 1,105,008	$ 132,667

BANK FIRST NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Income YTD (thousands, except per share amounts)

	YTD 12/31/2015		YTD 12/31/2014		YOY Change
Interest/Dividend income: Loans, including fees	$ 37,946	$ 36,964	$ 982
Federal funds sold Securities: Taxable	150 1,686	4 1,164	146 522
Tax-exempt		1,280		1,577		(297)
Total interest income	41,062	39,709	1,353
Interest expense: Deposits	4,932	4,619	313
Securities sold under repurchase agreements	72	97	(25)
Borrowed funds		59		67		(8)
Total interest expense		5,063		4,783		280
Net interest income	35,999	34,926	1,073
Provision for loan losses		1,008		2,030		(1,022)
Net interest income after provision		34,991		32,896		2,095
Noninterest income: Wealth Management Revenue	113	119	(6)
Service charges	2,411	2,044	367
Income from Ansay	538	1,163	(625)
Loan servicing income	812	842	(30)
Income from UFS	2,165	1,300	865
Net gain on sales of mortgage loans	674	523	151
Net gain on sales of securities	-	513	(513)
Other		750		1,389		(639)
Total Noninterest income		7,463		7,893		(430)

Noninterst expense:

Salaries, commissions, and employee benefits Occupancy

Data processing

Net (gain) loss on sales of OREO Postage, stationery, and supplies Advertising

Outside service fees Amortization of intangibles Other

Total Noninterest expense Income before provision for income taxes Provision for income taxes

12,193 11,302 891

2,575 2,889 (314)

1,777 1,775 2

(3) 137 (140)

353 358 (5)

177 185 (8)

2,225 2,282 (57)

18 18 -

2,990 2,964 26

22,305 21,910 395

20,149 18,879 1,270

6,754 6,259 495

Net income $ 13,395 $ 12,620 $ 775

YTD Average Shares outstanding	6,291,319	6,338,077	(46,758)
Earnings per share--common shareholders	$ 2.13	$ 1.99	$ 0.14