March 29, 2023

Dear Shareholders,

We’re pleased to provide the 2022 Bankers’ Bancorporation Annual Report. 2022 presented our bank with a few significant challenges. The most critical impact to us was the rapid rise of interest rates. The Federal Reserve’s 425 basis point increase in rates in 2022 was the greatest in one year throughout our bank’s 41-year history! The second most significant impact to our bank in 2022 was the corresponding reduction of liquidity from our bank customers. Even with these challenges, the bank provided strong results in 2022. Net income was $11.4 million. Return on Assets was 0.94% and Return on Equity was 10.18% for 2022. Total Assets declined 3% to $1.38 billion. Total Deposits declined to $801 million or a decrease of 33%. Net Loans and Leases growth remained very strong with an increase of 41%. Capital levels remained strong at 11.34% Tier 1 Leverage ratio.

During my visits with Shareholder banks, I’m most often asked about two financial measurements. First, our bank’s Book Value per Share. As we reported in January, the company’s Book Value per Share was $6,268 which represented an increase of 7% over 2021. Management recognizes the importance of delivering results that improve our Book Value on an annual basis. Second, what is the dividend? We understand that providing our shareholders a fair return on your investment includes a cash dividend. In 2022 we were pleased to deliver a dividend of $95.00 per share which represented 1.62% of the 2021 book value.

I also call your attention to a couple of items you’ll find in this year’s report. First, we share some details on our commitment in the community bank Payments space. Since our founding in 1981, providing payments solutions to community banks is critical to our success. We continue to invest and develop payment solutions for community banks. Secondly, we’re introducing a Shareholder Investment Rebate Program in 2023. If you would like more details, please ask your Investment Banker.

I would like to express my appreciation to two of our Directors that are terming out in 2022. Jim Tubbs, CEO of Lake Ridge Bank has been on our board for the last nine years. Jim was elected Chairman of the Board in 2020 and has provided outstanding guidance during his tenure. Mike Tenpas, CEO of UFS is also completing his terms on our Board. Mike’s knowledge in the technology sector for community banking has been very valuable. On behalf of the entire bank, as well as personally, I want to thank Jim and Mike for their support and governance during their terms on our board.

Your financial commitment to our company is greatly appreciated. We are very grateful for your investment. We look forward to visiting with you soon.

Brad Stamper
President and CEO

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Annual Meeting Notice

The Annual Meeting of the Shareholders of Bankers’ Bancorporation, Inc. will be held on Thursday, April 27, 2023, beginning at 10:00 a.m. CST. The meeting will be held at the offices of the Corporation, 7700 Mineral Point Road, Madison, WI 53717. Copies of the meeting notice and proxy statements will be sent to all shareholders of record as of March 28, 2023.

To ensure a quorum for the meeting and that your vote is counted, the Company encourages shareholders to complete and return their proxies by mail or email ( by following the instructions contained within the proxy materials.

Bankers’ Bancorporation, Inc. is a registered bank holding company. Bankers’ Bank is the sole banking subsidiary and a member of the Federal Reserve System; deposits are insured by the FDIC.