First Manitowoc Bancorp : Bank First reports fourth quarter net income of $3.1 million, declares cash dividend of $0.12 per common share

PRESS RELEASE N E W S R EL E A SE

P.O. Box 10

Manitowoc, WI 54221-0010

For further information, contact:

Kevin M LeMahieu, Chief Financial Officer Phone: [phone] [e-mail]

FOR IMMEDIATE RELEASE

Bank First reports fourth quarter net income of $3.1 million, declares cash dividend of $0.12 per common share

Manitowoc, WI - January 22, 2015 - Bank First National Corporation (BFNC) reported net income for the fourth quarter of 2014 of $3.1 million, or $0.49 per share, as compared to $2.9 million, or $0.45 per share, for the fourth quarter of 2013. For the year ended December 31, 2014, Bank First reported net income of $12.6 million, or $1.99 per share, as compared to $11.6 million, or $1.79 per share, for the year ended December

31, 2013. This represents an 11.2% year-over-year increase in earnings per share. "Our net income growth is directly related to our continued core deposit and loan

growth, particularly in business banking services. The revenue growth we experienced from adding new banking relationships and expanding services to existing relationships was offset by a $1.2 million decrease in revenue from the sale and servicing of residential mortgage loans. This decline was felt industry wide as mortgage refinancing

slowed during 2014," said Mike Molepske, President and Chief Executive Officer at Bank First. "Our strong asset quality trends and consistent loan growth continue to provide significant value to our shareholders."

Noninterest income was $7.8 million for 2014, up from $6.7 million in 2013. Noninterest expense was $21.9 million for 2014, down from $22.8 million in 2013. This combination led to a decrease in our efficiency ratio from 54.1% in 2013 to 49.7% in

2014, indicating a very efficient use of resources by the Bank.

Total assets are $1.11 billion at December 31, 2014, up 5% from $1.06 billion at

December 31, 2013.

The Corporation's Board of Directors approved a quarterly cash dividend of $0.12 per common share payable on April 3, 2015, to shareholders of record on March 20,

2015.

Bank First National Corporation (BFNC) provides financial services through its sole subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 11 banking locations in Manitowoc, Brown, Sheboygan, 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 Smith Barney 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 56 Midwest banks. The Company employs approximately 155 full-time equivalent staff and has assets of $1.11 billion as of December 31, 2014. Further information about Bank First National Corporation is available by clicking on the Investor Relations tab at www.BankFirstNational.com.

# # #

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

ASSETS	12/31/2014	12/31/2013	YOY Change
Cash and due from Banks	$ 27,583,639	$ 26,448,045	$ 1,135,594
Interest-bearing deposits	34,158,343	45,186,559	(11,028,216)
Federal funds sold	111,055	129,395	(18,340)
Cash and cash equivalents	61,853,037	71,763,999	(9,910,962)

Securities available for sale, at fair value	111,160,704	109,650,433	1,510,271
Other investments, at cost	2,958,417	2,958,417	-

Loans held for sale

Loans

Allowance for loan loss

Loans, net

Premises and equipment, net

Goodwill

Intangible assets, net

Mortgage Servicing Rights

Investment in minority owned subsidiaries

Other real estate owned Cash value of life insurance Other assets

- 272,200 (272,000)

873,057,666 823,144,428 49,913,238 (9,257,863) (8,755,151) (502,712)

863,799,803 814,389,277 49,410,526

11,152,610 9,272,220 1,880,390

7,983,933 7,983,933 -

39,349 57,509 (18,160)

2,387,984 2,505,802 (117,818)

16,052,453 14,745,738 1,306,715

2,943,306 2,976,156 (32,850)

19,485,872 19,841,558 (355,686)

5,191,088 4,469,327 1,694,302

Total Assets

$ 1,105,008,556

$ 1,060,886,569

$ 44,121,987

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Fed funds purchased

Securities sold under repurchase agreements

Borrowed funds Dividend Payable Notes payable Other liabilities Total liabilities

Stockholders' Equity

Common stock--$0.01 par value: Authorized--

20,000,000 shares Issued--6,714,252

Additional paid-in-capital

Retained earnings

Accumulated other comprehensive income

Treasury stock, at cost

Total stockholders' equity

954,740,341 919,486,423 35,253,918

- - -

30,512,837 30,844,504 (331,667)

- - -

753,146 445,204 307,942

- 1,815,000 (1,815,000)

9,939,792 6,727,568 3,212,225

995,946,116 959,318,699 36,627,418

67,146 67,146 -

2,606,052 2,608,071 (2,019)

113,339,662 103,631,067 8,303,316

1,434,544 1,050,099 384,445 (8,384,964) (5,788,513) (2,596,451)

109,062,440 101,567,870 7,494,570

Total Liabilities and Stockholders' Equity

$ 1,105,008,556

$ 1,060,886,569

$ 44,121,988

BANK FIRST NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Income YTD

YTD 12/31/2014	YTD 12/31/2013	YOY Change
Interest/Dividend income: Loans, including fees	36,963,896	35,866,141	$ 1,097,755
Federal funds sold Securities: Taxable	3,785 1,269,126	30,805 1,382,233	(27,020) (113,107)
Tax-exempt	1,577,119	1,811,821	(234,702)
Other	(105,107)	(104,826)	(281)
Total interest income	39,708,819	38,986,174	722,645
Interest expense:
Deposits	4,618,994	4,527,049	(91,945)
Securities sold under repurchase agreements	96,524	235,579	139,055
Borrowed funds	67,575	116,374	48,799
Total interest expense	4,783,093	4,879,002	95,909
Net interest income	34,925,726	34,107,172	818,554
Provision for loan losses	2,030,000	1,475,000	(555,000)
Net interest income after provision	32,895,726	32,632,172	263,554
Noninterest income: Wealth Management Revenue	118,538	95,874	22,664
Service charges	2,281,686	2,488,307	(206,621)
Income from Ansay	1,163,264	964,698	198,566
Loan servicing income	603,887	1,226,718	(622,831)
Income from UFS	1,300,152	913,563	386,589
Net gain on sales of mortgage loans	523,368	1,066,156	(542,788)
Net loss on sales of securities	512,768	(906,224)	1,418,992
Other	1,389,269	819,526	569,743
Total Noninterest income	7,892,932	6,668,618	1,224,314
Noninterst expense: Salaries, commissions, and employee benefits	11,301,664	11,751,300	449,636
Occupancy	2,888,622	2,550,753	(337,869)
Data processing	1,775,159	1,513,677	(261,482)
Loss on sales of OREO	137,079	934,771	797,692
Postage, stationery, and supplies	357,937	380,444	22,507
Advertising	185,125	148,873	(36,252)
Outside service fees	2,282,375	1,713,950	(568,425)
Amortization of intangibles	18,221	18,161	(60)
Other	2,963,627	3,786,544	822,917
Total Noninterest expense	21,909,809	22,798,473	888,664
Income before provision for income taxes	18,878,849	16,502,317	2,376,532
Provision for income taxes	6,258,904	4,938,803	(1,320,101)
Net income	$ 12,619,945	$ 11,563,514	$ 1,056,431
YTD Average Shares outstanding	6,338,077	6,463,823	(125,746)
Earnings per share--common shareholders	$ 1.99	$ 1.79	$ 0.20

BANK FIRST NATIONAL CORPORATION AND SUBSIDIARIES

Consolidated Quarterly Statements of Income

Interest/Dividend income:

12/31/2014 12/31/2013

YOY Quarter

Change

Loans, including fees

$ 9,381,006

$ 9,106,027 $

274,979

Federal funds sold

Securities: Taxable

Tax-exempt

Other

Total interest income

Interest expense: Deposits

Securities sold under repurchase agreements

Borrowed funds

Total interest expense

Net interest income

Provision for loan losses

Net interest income after provision

Noninterest income:

Wealth Management Revenue

Service charges Income from Ansay Loan servicing income Income from UFS

Net gain on sales of mortgage loans

Net loss on sales of securities

Other

Total Noninterest income

Noninterest expense:

Salaries, commissions, and employee benefits

Occupancy

Data processing

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

- 71 (71)

-

264,722 344,986 (80,264)

366,979 501,551 (134,572)

17,107 (29,010) 46,117

10,029,814 9,923,625 106,189

1,179,520 1,168,953 (10,567)

23,535 23,455 (80)

15,951 20,496 4,545

1,219,006 1,212,904 (6,102)

8,810,808 8,710,721 100,087

870,000 250,000 (620,000)

7,940,808 8,460,721 (519,913)

28,749 16,832 11,917

675,759 622,942 52,817

192,516 34,699 157,817

19,376 263,752 (244,376)

411,790 243,373 168,417

134,186 130,674 3,512

55,107 (566,608) 621,715

897,616 255,791 641,825

2,415,099 1,001,455 1,413,644

2,628,783 2,984,357 355,574

600,548 566,911 (33,637)

607,861 375,958 (231,903)

19,226 128,736 109,510

87,826 91,659 3,833

47,535 33,121 (14,414)

827,251 449,777 (377,474)

4,600 4,540 (60)

796,218 820,186 23,968

5,619,848 5,455,245 (164,603)

4,736,059 4,006,931 729,128

1,635,723 1,138,609 (497,114)

Net income

$ 3,100,336

$ 2,868,322 $

232,014

QTR Average Shares outstanding

6,278,716 6,382,072 (103,356)

Earnings per share--common shareholders $

0.49 $

0.45 $

0.04

Bank First National Corporation
Financial Data
Dec 2013
Actual YTD
$12,058,589
$11,563,515
$1.79
11.0%
$0
$703,280
6%
2.32%
$15.91
$14.48
$14.65
10.62

Net Income and per share data

Net Income (Bank)
Net Income (Consolidated) Earnings per Share (Consolidated) Change over prior period
Branch closing expense
Dividends (Holding Co.)
Dividend Payout Ratio (DPS/EPS) Dividend Yield (DPS/Stock Price) Book Value
Tangible Book Value less AFS impact
Tangible Book Value
Price Earnings Ratio
Dec 2014
Actual YTD
$12,696,205
$12,619,943
$1.99
9.1%
$0
$2,912,462
280%
1.94%
$17.42
$15.91
$16.15
11.38
Dec 2013
Actual YTD
$12,058,589
$11,563,515
$1.79
$0
$703,280
6%
2.32%
$15.91
$14.48
$14.65
10.62
1.19 Book Value Multiple
1.30
1.19
19.00
6,384,432
121,304,208
Market Value
Period End Shares
Market Capitalization
22.65
6,259,535
141,778,468
19.00
6,384,432
121,304,208
3.82%
16.35%
54.14%
1.15%
11.60%
153.740
160.198
72,183
6,233,628

Performance Ratios (1)

Net Interest Margin (YTD) Fee Income to Total Revenue Efficiency Ratio
ROA
ROE
FTE - period end Avg. number of FTE Earnings per Avg. Employee
Avg Assets per Avg. Employee
3.64%
18.68%
49.72%
1.17%
11.84%
155.330
156.550
80,613
6,906,799
3.83%
16.35%
54.14%
1.15%
11.60%
153.740
160.198
72,182
6,256,470

$45,871,339
$112,608,851
$823,416,628
$8,755,151
$7,983,933
$1,060,886,568
$1,002,276,738
$919,486,423
$919,486,423
$0
$9,915,504
$1,815,000
$30,844,504
$32,659,504
$0
$101,567,869
$99,694,434

Selected Financial Condition (EOP)

Fed Funds Sold Total Securities Total Loans
Allowance for loan losses
Goodwill Total Assets Average Assets Core Deposits Total Deposits
Brokered Deposits (includes CDARS one-way buys) CDARS Core Deposits
Other Borrowings Repurchase Agreements Total Wholesale Funding Fed Funds Purchased Total Equity
Average Stockholder's Equity
$33,216,062
$118,839,039
$873,057,667
$9,257,863
$7,983,933
$1,124,344,431
$1,081,259,446
$954,740,341
$954,740,341
$0
$3,886,288
$0
$30,512,837
$30,512,837
$0
$109,062,440
$106,621,209
$45,871,339
$112,608,851
$823,416,628
$8,755,151
$7,983,933
$1,060,886,568
$1,002,276,738
$919,486,423
$919,486,423
$0
$9,915,504
$1,815,000
$30,844,504
$32,659,504
$0
$101,567,869
$99,694,434
Bank First National Corporation
Financial Data
Dec 2013
Actual YTD
Dec 2014
Actual YTD
Dec 2013
Actual YTD

Balance Sheet Ratios

90%
11%
135%
0%
1%
3%
3%
33%
Loans to Deposits
Investments to Total Assets
Avg Earnings to Avg Bearing Liabilities Brokered Deposits to Total Deposits CDARS Deposits to Total Deposits Repos to Total Deposits plus repos Wholesale funding to total Liabilities
Wholesale funding to Risk Based Capital
91%
11%
138%
0%
0%
3%
3%
29%
90%
11%
135%
0%
1%
3%
3%
33%
1.06%
0.08%
0.31%
0.08%
0.53%
2,570,864
45,988
2,976,156
$5,593,008

Asset Quality

Allowance for probable credit losses to toal loans
Net charge-offs to average total loans
Nonaccrual loans to total loans
Loans past due 30 days to total loans Non-performing assets to total assets Nonaccrual loans
Loans 90 days past due
Other Real Estate Owned
Non-performing assets
1.06%
0.17%
0.28%
0.10%
0.49%
2,456,046
66,331
2,943,305
$5,465,682
1.06%
0.08%
0.31%
0.08%
0.53%
2,570,864
45,988
2,976,156
$5,593,008
$1,475,000
997,312 (327,471)
$669,841
$805,159
Provision for loan losses Gross charge-offs Recoveries
Net Charge-offs
Provision less charge-offs
$2,030,000
1,796,205 (268,917)
$1,527,288
$502,712
$1,475,000
997,312 (327,471)
$669,841
$805,159

30,805
3,089,228
35,866,141
$38,986,175
4,527,049
231,219
120,733
$4,879,002
34,107,173
1,475,000
$32,632,173
6,668,617
22,798,472
$16,502,318
$4,938,803
$11,563,515

Condensed Income Statement

Short-term investment income Investment securities income Loan income

Total Interest Income Deposit interest expense Repo interest expense

Other borrowings interest expense

Total Interest Expense Net interest income Provision for loan losses Net interest income after provision for loan loss

Noninterest income
Noninterest expense

Net Income before Taxes

Taxes

NET INCOME

3,852
2,741,139
36,857,751
$39,602,742
4,618,994
93,430
70,670
$4,783,094
34,819,648
2,030,000
$32,789,648
7,998,291
21,909,092
$18,878,847
$6,258,904
$12,619,943
30,805
3,089,228
35,866,141
$38,986,175
4,527,049
231,219
120,733
$4,879,002
34,107,173
1,475,000
$32,632,173
6,668,617
22,798,472
$16,502,318
$4,938,803
$11,563,515