UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Fiscal Year Ended December 31, 2019.

 

OR

 

¨TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from   to    

 

 

Commission File No. 1-38676

 

A.Full title of the plan and the address of the plan if different from that of the issuer named below:

 

Bank First Retirement Plan

 

B.Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office:

 

Bank First Corporation

402 North 8th Street

Manitowoc, WI 51220

 

 

 

  

 

 

BANK FIRST
RETIREMENT PLAN

 

FINANCIAL STATEMENTS
WITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

  

 

 

BANK FIRST RETIREMENT PLAN

TABLE OF CONTENTS

 

Page  
2Report of Independent Registered Public Accounting Firm
  
 FINANCIAL STATEMENTS
  
3Statements of Net Assets Available for Benefits
  
4Statements of Changes in Net Assets Available for Benefits
  
5 – 12Notes to Financial Statements
  
 SUPPLEMENTAL SCHEDULE
  
14Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

 

 - 1 - 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Report of Independent Registered Public Accounting Firm

 

To the Plan Administrator and Plan Participants

Bank First Retirement Plan

Manitowoc, Wisconsin

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of the Bank First Retirement Plan (Plan) as of December 31, 2019 and 2018, and the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes to the financial statements (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe our audits provide a reasonable basis for our opinion.

 

Supplemental Information

 

The Schedule of Assets (Held at End of Year) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ Reilly, Penner & Benton LLP

 

We have served as the Plan’s auditor since 2019

 

June 17, 2020

Milwaukee, Wisconsin

 

 - 2 - 

 

 

BANK FIRST RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

December 31, 2019 and 2018

 

ASSETS  2019   2018 
Investments, at fair value:          
Interest-bearing cash  $1,722,064   $666,311 
Mutual funds   20,634,510    15,981,230 
Common collective fund   387,741    377,167 
Bank First Corporation common stock   30,300,118    23,452,790 
TOTAL INVESTMENTS   53,044,433    40,477,498 
Receivables:          
Employer   596,029    562,371 
Employee   37,409    - 
TOTAL RECEIVABLES   633,438    562,371 
NET ASSETS AVAILABLE FOR BENEFITS  $53,677,871   $41,039,869 

 

See accompanying notes to financial statements.

 

 - 3 - 

 

 

BANK FIRST RETIREMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

For the Year Ended December 31, 2019

 

ADDITIONS TO NET ASSETS ATTRIBUTED TO:    
Investment income:    
Net appreciation in fair value of investments  $15,069,244 
Interest and dividends   620,718 
Contributions:     
Participant   1,475,723 
Employer   1,061,666 
Rollover   812,487 
TOTAL ADDITIONS   19,039,838 
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:     
Benefits paid to participants   6,278,077 
Administrative expenses   123,759 
TOTAL DEDUCTIONS   6,401,836 
CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS   12,638,002 
Net assets available for benefits:     
BEGINNING OF YEAR   41,039,869 
END OF YEAR  $53,677,871 

 

See accompanying notes to financial statements.

 

 - 4 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2019 and 2018

 

NOTE 1 - Description of Plan

 

The following description of the Bank First Retirement Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

General - The Plan is a defined contribution plan (most recently amended and restated January 1, 2020) established by Bank First Corporation for the benefit of eligible employees of its wholly-owned subsidiary, Bank First, N.A. (collectively referred to as “Company”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), the employee savings regulations under Section 401(k), and the employee stock ownership plan regulations under Section 4975(e)(7), of the Internal Revenue Code. Employees are eligible to participate in the Plan upon attaining 18 years of age and three months of service. Temporary employees and individuals the Employer regards as independent contractors are not eligible to participate in the Plan.

 

Contributions - Participants may elect to contribute a portion of their compensation to the Plan, not to exceed the amount allowed by the Internal Revenue Service (“IRS”). Participants direct the investment of their contributions into various investment options offered by the Plan. Participants may elect to have any portion, or all, of their contributions designated as Roth 401(k) contributions. The Plan includes a provision for automatic pretax elective deferral contributions. The provision applies when an employee first becomes eligible to make elective deferral contributions. The automatic deferral rate is 4% of compensation with automatic yearly increases of 1% (to a maximum of 10%). Employees have the right to change their deferral percentage or to elect not to make contributions.

 

The Company may elect to make a matching contribution to eligible participants. The discretionary match for 2019 and 2018 was 35% of the first 10% of participants’ compensation to the Plan. Matching contributions were $476,393 and $437,394 for the years ended December 31, 2019 and 2018, respectively. The Company may also make a profit sharing contribution to the Plan as approved annually by the Company’s Board of Directors Compensation Committee. Profit sharing contributions were $585,273 and $562,371 for the years ended December 31, 2019 and 2018, respectively.

 

Participant Accounts - Each participant’s account is credited with the participant’s contribution, Company matching contributions, and allocations of (a) Company profit sharing contributions, (b) Plan earnings, and (c) administrative expenses. Allocations of Company profit sharing contributions are based on the proportion that each participant’s compensation bears to the total of all participants. Allocations of Plan earnings are based on the proportion that each participant’s account bears to the total of all participant account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account balance. Participants have the ability to direct employee and Company contributions to investment options offered by the Plan, with the exception of certain profit sharing contributions, which (by the option of the Company) may be made in common stock of Bank First Corporation.

 

Vesting - Participants are fully vested in the value of their accounts created by their own contributions and Company matching contributions. Vesting in the Employer Contribution Account balance (profit sharing) is based on years of continuous service. A participant is 100 percent vested at the time of death, attainment of normal retirement age, disability, or after six years of credited service with the Company.

 

 - 5 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019 and 2018

 

NOTE 1 - Description of Plan (Continued)

 

Participant Loans - Participant loans are not allowed in this Plan.

 

Payments of Benefits - On termination of service, a participant whose vested account balance does not exceed $5,000 will receive a lump sum distribution of the vested amount. Participants whose vested account balance exceeds $5,000, may elect when to receive as benefits the entire vested amount credited to their accounts as of that date as a single lump sum distribution. Certain withdrawals are permitted during employment, as defined in the Plan. Account balances will be distributed in cash or shares of Company stock, as determined by the Plan administrator, unless a participant requests a distribution of their account balance in shares of Company stock (with fractional shares being paid in cash).

 

Voting Rights - Participants are entitled to instruct the trustee as to how to vote the Company stock allocated to his or her account. The Plan administrator will direct the trustee how to vote the unallocated Company stock and the allocated Company stock for which no voting instructions have been received.

 

Administrative Expenses - All administrative expenses may be paid out of the Plan unless paid by the Company. Expenses were paid by both the Plan and the Company during 2019.

 

Forfeited Accounts - At December 31, 2019 and 2018, forfeited nonvested accounts totaled $17,333 and $25,854, respectively. These amounts will be allocated to remaining participant accounts as additional profit sharing contributions. $17,092 from forfeited nonvested accounts was allocated to participants during the year ended December 31, 2019.

 

Plan Termination - Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions and to terminate the Plan subject to the provisions of ERISA. In the event of a termination, all participants will immediately become 100% vested in their accounts for all sources of contributions and distributed in accordance with the Plan’s provisions.

 

 - 6 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019 and 2018

 

NOTE 2 - Summary of Significant Accounting Policies

 

A summary of the significant accounting policies applied in the preparation of the accompanying financial statements and supplemental schedule is as follows:

 

Basis of Accounting and Presentation - The financial statements of the Plan are prepared using the accrual method of accounting and are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) as codified by the Financial Accounting Standards Board.

 

Risks and Uncertainties – The Plan, at the direction of its participants, invests in various investment securities. The Plan’s investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the values of investments, it is at least reasonably possible that changes in risks in the near term could materially affect participant’s account balances and the amounts reported in the statements of net assets available for benefits.

 

Investment Valuation and Income Recognition - The Plan’s investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for further discussion of fair value measurements.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year.

 

Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.

 

Payment of Benefits - Benefits are recorded when paid.

 

NOTE 3 - Concentrations

 

The Plan’s investments that represented 10 percent or more of the Plan’s net assets available for benefits as of December 31, 2019 and 2018 are as follows:

   DECEMBER 31, 
   2019   2018 
Common Stock          
* Bank First Corporation  $30,300,118   $23,452,790 
* Represents party-in-interest          

 

 - 7 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019 and 2018

 

NOTE 4 - Fair Value Measurements

 

U.S. GAAP establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under U.S. GAAP are described as follows:

 

Level 1 - Quoted market prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date.

 

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

 

Level 3 – Significant unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity.

 

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

 

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018.

 

· Interest-bearing cash: Valued at cost which approximates fair value based on the variability of the crediting interest rate on these funds.

 

· Common stock: Common stock within the Plan was valued at the closing price reported on the active market on which the individual securities are traded.

 

· Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

 

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurement at the reporting date.

 

 - 8 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019 and 2018

 

NOTE 4 - Fair Value Measurements (Continued)

 

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2019 and 2018:

 

   DECEMBER 31,
2019
   QUOTED PRICES
IN ACTIVE
MARKETS FOR
IDENTICAL
ASSETS
(LEVEL 1)
   SIGNIFICANT
OTHER
OBSERVABLE
INPUTS
(LEVEL 2)
   SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
 
Interest-bearing cash  $1,722,064   $1,722,064   $-   $- 
Mutual funds   20,634,510    20,634,510                      -    - 
Common stock   30,300,118    30,300,118    -                 - 
Total assets in the fair value hierarchy   52,656,692   $52,656,692   $-   $- 
Investments measured using net asset value practical expedient*   387,741                
TOTAL  $53,044,433                

 

   DECEMBER 31,
2019
   QUOTED PRICES
IN ACTIVE
MARKETS FOR
IDENTICAL
ASSETS
(LEVEL 1)
   SIGNIFICANT
OTHER
OBSERVABLE
INPUTS
(LEVEL 2)
   SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
 
Interest-bearing cash  $666,311   $666,311   $                   -   $                  - 
Mutual funds   15,981,230    15,981,230    -    - 
Common stock   23,452,790    23,452,790    -    - 
Total assets in the fair value hierarchy   40,100,331   $40,100,331   $-   $- 
Investments measured using net asset value practical expedient*   377,167                
TOTAL  $40,477,498                

 

*In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.

 

 - 9 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019 and 2018

 

NOTE 4 - Fair Value Measurements (Continued)

 

Investments Measured Using the Net Asset Value per Share Practical Expedient

 

The following tables summarize investments for which fair value is measured using the net asset value per share as a practical expedient as of December 31, 2019 and 2018, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

 

December 31, 2019  FAIR VALUE   UNFUNDED
COMMITMENTS
   REDEMPTION
FREQUENCY (IF
CURRENTLY
APPLICABLE)
  REDEMPTION NOTICE PERIOD
Common collective fund Reliance Stable Value  $387,741   $-   N/A  1 day

 

 

December 31, 2018  FAIR VALUE   UNFUNDED
COMMITMENTS
   REDEMPTION
FREQUENCY (IF
CURRENTLY
APPLICABLE)
  REDEMPTION NOTICE PERIOD
Common collective fund Reliance Stable Value  $377,167   $-   N/A  1 day

 

NOTE 5 - Tax Status

 

The Plan obtained its most recent determination letter on April 21, 2015, in which the Internal Revenue Service stated that the Plan is in compliance with the applicable requirements of the Internal Revenue Code (the “IRC”). The Plan has been amended since receiving this determination letter. The Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

 

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2019 and 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.

 

 - 10 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019 and 2018

 

NOTE 6 - Transactions with Related Parties and Parties-in-Interest

 

Fees for legal and professional services rendered to the Plan may be paid for by the Company at its discretion. The Plan invests in a certain common trust fund that is managed by the Plan custodian. These transactions are not, however, considered prohibited transactions under 29 CFR 408(b) of the ERISA regulations.

 

Bank First Corporation serves as the Plan Sponsor. The Plan had the following transactions with Bank First Corporation common stock for the years ended December 31:

 

   2019   2018 
Purchase of stock:          
Number of shares   -    30,416 
Value of shares on transaction dates  $-   $1,346,655 
In-kind transfers of stock out of Plan:          
Number of shares   29,323    77,736 
Value of shares on transaction dates  $1,952,870   $3,555,157 
Sales of stock:          
Number of shares   22,283    4,872 
Value of shares on transaction dates  $1,420,926   $238,770 

 

At December 31, 2019 and 2018, the Plan held 432,797 shares (all shares allocated to participants) and 502,964 shares (all shares allocated to participants), respectively of Bank First Corporation common stock.

 

NOTE 7 - Amounts Owed to Participants Withdrawing from the Plan

 

Amounts owed to participants who had elected to withdraw from the Plan, but had not been paid totaled $2,949,372 and $862,297 as of December 31, 2019 and 2018, respectively.

 

 - 11 - 

 

 

BANK FIRST RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019 and 2018

 

NOTE 8 - Reconciliation of Financial Statements to Form 5500

 

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

 

   DECEMBER 31, 
   2019      2018  
Net assets available for benefits per the financial statements  $53,677,871   $41,039,869 
Employer contribution receivable – current year   (596,029)   - 
Employer contribution receivable – prior year   -    (562,371)
Employee contribution receivable – current year   (37,409)   - 
NET ASSETS AVAILABLE FOR BENEFITS PER FORM 5500  $53,044,433   $40,477,498 

 

The following is a reconciliation of the change in net assets available for plan benefits per the financial statements to the Form 5500 for the year ended December 31, 2019:

 

Change in net assets available for benefits per the financial statements  $12,638,002 
Employer contribution receivable – current year   (596,029)
Employer contribution receivable – prior year   562,371 
Employee contribution receivable – current year   (37,409)
CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS PER FORM 5500  $12,566,935 

 

NOTE 9 - Subsequent Event

 

In March 2020, the World Health Organization declared COVID-19 a global pandemic and the United States (“US”) declared a National Public Health Emergency. In response, most states within the US took preventative or protective actions, such as imposing restrictions on travel and business operations. The impact of these actions on the economy continues to evolve, but they have caused significant volatility within the US and world financial markets, impacting the underlying values of the Plan’s investments.

 

 - 12 - 

 

 

 

 

 - 13 - 

 

 

BANK FIRST RETIREMENT PLAN

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
PLAN #002
39-1435359
DECEMBER 31, 2019

 

(a)  (b) (c)  (d)  (e) 
         Current 
   Identity of Issue Description  Cost  Value 
   Vanguard Money Market Reserves Interest-bearing cash  N/A  $244,393 
*  Bank First Stock Liquidation Fund Interest-bearing cash  N/A   1,477,671 
   Total Cash and Cash Equivalents      1,722,064 
*  Bank First Corporation Common Stock  N/A   30,300,118 
   Cohen & Steers Instl Realty Mutual Fund  N/A   551,519 
   Columbia Small Cap Index Mutual Fund  N/A   342,850 
   Federated Total Return Bond Instl Mutual Fund  N/A   1,046,933 
   Guggenheim High Yield Inst Mutual Fund  N/A   268,369 
   Invesco OFI Developing Markets Mutual Fund  N/A   833,786 
   JP Morgan Mid Cap Value Mutual Fund  N/A   687,474 
   MFS International Diversification Mutual Fund  N/A   1,282,672 
   MFS Mid Cap Growth Mutual Fund  N/A   918,001 
   MFS Value Mutual Fund  N/A   1,285,788 
   T Rowe Price Blue Chip Growth Mutual Fund  N/A   1,065,625 
   Templeton Global Bond Mutual Fund  N/A   484,347 
   Vanguard Target Retirement 2015 Mutual Fund  N/A   1,681 
   Vanguard Target Retirement 2020 Mutual Fund  N/A   842,956 
   Vanguard Target Retirement 2025 Mutual Fund  N/A   1,910,325 
   Vanguard Target Retirement 2030 Mutual Fund  N/A   1,353,683 
   Vanguard Target Retirement 2035 Mutual Fund  N/A   1,743,520 
   Vanguard Target Retirement 2040 Mutual Fund  N/A   2,490,274 
   Vanguard Target Retirement 2045 Mutual Fund  N/A   645,794 
   Vanguard Target Retirement 2050 Mutual Fund  N/A   893,611 
   Vanguard Target Retirement 2055 Mutual Fund  N/A   514,329 
   Vanguard Target Retirement 2060 Mutual Fund  N/A   295,316 
   Vanguard Target Retirement 2065 Mutual Fund  N/A   165,906 
   Vanguard Target Retirement Income Mutual Fund  N/A   14,859 
   Wells Fargo Adv Small Co Growth Mutual Fund  N/A   593,284 
   Wells Fargo Special Small Cap Value Mutual Fund  N/A   401,608 
   Total Mutual Funds      20,634,510 
   Reliance Stable Value Common Trust Fund  N/A   387,741 
   TOTAL     $53,044,433 

 

*Represents party-in-interest transactions
N/ACost information is not required for participant-directed investments

 

 - 14 - 

 

 

EXHIBIT INDEX

 

EXHIBIT TO ANNUAL REPORT ON FORM 11-K

 

The exhibit listed below is filed as part of this Annual Report on Form 11-K. The exhibit is listed according to the number assigned to it in the Exhibit Table of Item 601 of Regulation S-K.

 

Exhibit
Number
  Description of Exhibit
23.1   Consent of Independent Registered Public Accounting Firm

 

 - 15 - 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, Bank First Corporation, as Plan Administrator, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Bank First Retirement Plan
 
Date: June 17, 2020 By: /s/ Kevin LeMahieu
    Kevin LeMahieu
    Chief Financial Officer
 
    By: /s/ Sherry Jonet
    Sherry Jonet
    Vice President - Human Resources

 

   

 

 

Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-228989) of Bank First Corporation of our report dated June 17, 2020 relating the financial statements and schedule of the Bank First Retirement Plan included in this Annual Report (Form 11-K).

 

/s/ Reilly, Penner & Benton LLP

 

Reilly, Penner & Benton LLP

Milwaukee, Wisconsin

June 17, 2020