# EDGAR Filing Document

**Accession Number:** 0001746109
**File Stem:** 0001104659-26-078069
**Filing Date:** 2026-6
**Character Count:** 33219
**Document Hash:** cd35aef626374d47b36da7d947c5d0bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-078069.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001104659-26-078069

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bank First Corp
- **CENTRAL INDEX KEY:** 0001746109
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 391435359
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38676
- **FILM NUMBER:** 261124827

**BUSINESS ADDRESS:**
- **STREET 1:** 402 NORTH EIGHTH STREET
- **CITY:** MANITOWOC
- **STATE:** WI
- **ZIP:** 54220
- **BUSINESS PHONE:** 920-652-3100

**MAIL ADDRESS:**
- **STREET 1:** 402 NORTH EIGHTH STREET
- **CITY:** MANITOWOC
- **STATE:** WI
- **ZIP:** 54220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bank First National Corp
- **DATE OF NAME CHANGE:** 20180711

?xml version='1.0' encoding='ASCII'? Bank First Corp

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

---

| | |
|:---|:---|
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the Fiscal Year Ended December 31, 2025. |

---

OR

---

| | |
|:---|:---|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

**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 8**<sup>th</sup> **Street**

**Manitowoc, WI 51220**

------

[**Table of Contents**](#TOC)

#### BANK FIRST

#### RETIREMENT PLAN

#### FINANCIAL STATEMENTS

#### WITH REPORT OF

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
[**Table of Contents**](#TOC)

#### BANK FIRST RETIREMENT PLAN
**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Page |  |
| 2 - 3 | [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccou) |
|  | **FINANCIAL STATEMENTS**  |
| 4 | [Statements of Net Assets Available for Benefits](#STATEMENTSOFNETASSETSAVAILABLEFORBENEFIT) |
| 5 | [Statement of Changes in Net Assets Available for Benefits](#STATEMENTOFCHANGESINNETASSETSAVAILABLEFO) |
| 6 - 11 | [Notes to Financial Statements](#NOTESTOFINANCIALSTATEMENTS_59246) |
|  | **SUPPLEMENTAL SCHEDULE** |
| 13 | [Schedule H, Line 4i – Schedule of Assets (Held at End of Year)](#SCHEDULEHLINE4iSCHEDULEOFASSETSHELDATEND) |

---

[**Table of Contents**](#TOC)

![Graphic](bfc-20251231x11k001.jpg)

**Report of Independent Registered Public Accounting Firm**

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 (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes and supplemental schedules (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 Bank First Retirement Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, 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 the audit 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 that our audits provide a reasonable basis for our opinion.

1233 N Mayfair Rd, Suite 302 • Milwaukee, WI 53226&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414) 271-7800 142 E Capitol Dr, Suite 300 • Hartland, WI 53029(262) 367-1040

[**Table of Contents**](#TOC)

**Supplemental Information**

The supplemental information contained in 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 supplemental 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.

![Graphic](bfc-20251231x11k002.jpg)

We have served as the Company's auditor since 2019.

Milwaukee, Wisconsin

June 26, 2026

[**Table of Contents**](#TOC)

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **ASSETS** |  |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;Mutual funds | $41217928 | $40443186 |
| &nbsp;&nbsp;Common collective fund | 320757 | 669661 |
| &nbsp;&nbsp;Pooled separate funds | 5367199 | 4913696 |
| &nbsp;&nbsp;Bank First Corporation common stock | 22368772 | 21920086 |
|  | 69274656 | 67946629 |
| Investments at contract value |  |  |
| &nbsp;&nbsp;Fully benefit-responsive investment contract  | 4246027 |  |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $**73520683** | $**67946629** |

---

See accompanying notes to financial statements.

[**Table of Contents**](#TOC)

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
| **ADDITIONS TO NET ASSETS ATTRIBUTED TO:** |  |
| &nbsp;&nbsp;Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $10091367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 2581787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 792 |
| &nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant | 3016949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | 1505060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollover | 128786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ADDITIONS | 17324741 |
| **DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:** |  |
| &nbsp;&nbsp;Benefits paid to participants | 11583931 |
| &nbsp;&nbsp;Administrative expenses | 166756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL DEDUCTIONS | 11750687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS | 5574054 |
| Net assets available for benefits: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEGINNING OF YEAR | 67946629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**END OF YEAR** | $**73520683** |

---

See accompanying notes to financial statements.

[**Table of Contents**](#TOC)

NOTES TO FINANCIAL STATEMENTS

December 31, 2025 and 2024

#### 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 (restated on January 1, 2020, and most recently amended on January 1, 2026) 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 6% of compensation with automatic yearly increases of 1% (to a maximum of 15%). 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 2025 and 2024 was 60% of employee contributions to the Plan, up to 6.0% of participants' eligible compensation. Matching contributions were $1,505,060 and $1,414,061 for the years ended December 31, 2025 and 2024, 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. No profit-sharing contribution was contributed by the Company for the years ended December 31, 2025 and 2024.

**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.

**Fully Benefit-Responsive Investment Contract –** This investment is a general account product offered through a group annuity contract, and the participant's principal and interest are fully guaranteed by the entire general account assets of the insurance company. Participant transfers may be restricted from being reinvested in a competing guaranteed investment option for up to 90 days. Participant transfers to any non-competing investment option are not restricted.

**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).

[**Table of Contents**](#TOC)

#### BANK FIRST RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025 and 2024

**NOTE 1 - Description of Plan (Continued)**

**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 2025.

**Forfeited Accounts -** At December 31, 2025 and 2024, forfeited nonvested accounts totaled $23,518 and $89,012, respectively. These amounts will be allocated to remaining participant accounts as additional profit-sharing contributions. $89,012 from forfeited nonvested accounts was allocated to participants during the year ended December 31, 2025.

**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.

#### 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 -** Other than the fully benefit-responsive investment contract, 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.

The fully benefit-responsive investment contract is recorded at contract value. The contract carries an interest crediting rate which is reset semi-annually.

**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.

[**Table of Contents**](#TOC)

#### BANK FIRST RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025 and 2024

#### 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, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | DECEMBER 31, | DECEMBER 31, |
|  | 2025 | 2024 |
| &nbsp;&nbsp;**Common Stock** |  |  |
| \* Bank First Corporation | $22368772 | $21920086 |

---

\* Represents party-in-interest

#### 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, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Common collective fund and pooled separate funds: Valued at the NAV of shares held by the Plan at year-end, provided by the administrator of the fund. The NAV is based on the value of the underlying assets of the fund minus its liabilities, and then divided by the number of shares outstanding. The NAV's share price is quoted on a private market that is not actively traded; however, the share price is based on underlying investments which are traded on an active market. The NAV is used as a practical expedient to estimate fair value.

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.

[**Table of Contents**](#TOC)

#### BANK FIRST RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025 and 2024

#### 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, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>DECEMBER 31,<br>2025 | QUOTED PRICES <br>IN ACTIVE<br>MARKETS FOR<br>IDENTICAL ASSETS<br>(LEVEL 1) | SIGNIFICANT <br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2) | <br>SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3) |
| Mutual funds | $41217928 | $41217928 | $— | $— |
| Common stock | 22368772 | 22368772 |  |  |
| &nbsp;&nbsp;Total assets in the fair value hierarchy | 63586700 | $63586700 | $— | $— |
| Investments measured using net asset value practical expedient<sup>\*</sup> | 5687956 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL** | $69274656 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>DECEMBER 31,<br>2024 | QUOTED PRICES <br>IN ACTIVE<br>MARKETS FOR<br>IDENTICAL ASSETS<br>(LEVEL 1) | SIGNIFICANT <br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2) | <br>SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3) |
| Mutual funds | $40443186 | $40443186 | $— | $— |
| Common stock | 21920086 | 21920086 |  |  |
| &nbsp;&nbsp;Total assets in the fair value hierarchy | 62363272 | $62363272 | $— | $— |
| Investments measured using net asset value practical expedient<sup>\*</sup> | 5583357 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL** | $67946629 |  |  |  |

---

<sup>\*</sup>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.

#### 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, 2025 and 2024, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | REDEMPTION  |  |
|  |  |  | FREQUENCY |  |
|  | FAIR | UNFUNDED | (IF CURRENTLY | REDEMPTION |
| December 31, 2025 | VALUE | COMMITMENTS | APPLICABLE) | NOTICE PERIOD |
| Common collective fund MetLife Stable Value | $320757 | $— | N/A | 1 day |
| Pooled Separate fund LA Capital Mgmt/Victory - Midcap Value | $690703 | $— | N/A | 1 day |
| Pooled Separate fund Principal Global Investors – Blue Chip | $4215021 | $— | N/A | 1 day |
| Pooled Separate fund Principal SmallCap S&P 600 Index | $461475 | $— | N/A | 1 day |

---

[**Table of Contents**](#TOC)

#### BANK FIRST RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025 and 2024

#### NOTE 4 - Fair Value Measurements (Continued)
**Investments Measured Using the Net Asset Value per Share Practical Expedient (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | REDEMPTION  |  |
|  |  |  | FREQUENCY |  |
|  | FAIR | UNFUNDED | (IF CURRENTLY | REDEMPTION |
| December 31, 2024 | VALUE | COMMITMENTS | APPLICABLE) | NOTICE PERIOD |
| Common collective fund MetLife Stable Value | $669661 | $— | N/A | 1 day |
| Pooled Separate fund LA Capital Mgmt/Victory - Midcap Value | $515161 | $— | N/A | 1 day |
| Pooled Separate fund Principal Global Investors – Blue Chip | $4398535 | $— | 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, 2025 and 2024, 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.

#### 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:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Purchase of stock: |  |  |
| &nbsp;&nbsp;Number of shares | 30216 | 21143 |
| &nbsp;&nbsp;Value of shares on transaction dates | $3427875 | $1851511 |
| In-kind transfers of stock out of Plan: |  |  |
| &nbsp;&nbsp;Number of shares | 11862 | 17104 |
| &nbsp;&nbsp;Value of shares on transaction dates | $1272293 | $1415067 |
| Sales of stock: |  |  |
| &nbsp;&nbsp;Number of shares | 56107 | 54998 |
| &nbsp;&nbsp;Value of shares on transaction dates | $6643602 | $4776633 |

---

At December 31, 2025 and 2024, the Plan held 183,622 and 221,214 shares (all shares allocated to participants), respectively of Bank First Corporation common stock.

#### NOTE 7 - Amounts Owed to Participants Withdrawing from the Plan
There were no amounts owed to participants who had elected to withdraw from the Plan, but had not been paid, as of December 31, 2025 or 2024.

[**Table of Contents**](#TOC)

#### BANK FIRST RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025 and 2024

#### 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, | DECEMBER 31, |
|  | 2025 | 2024 |
| Net assets available for benefits per the financial statements | $73520683 | $67946629 |
| Common collective fund valued at net asset value per the financial statements and fair value per the Form 5500 | (32496) | (80452) |
| &nbsp;&nbsp;NET ASSETS AVAILABLE FOR BENEFITS PER FORM 5500 | $73488187 | $67866177 |

---

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, 2025:

---

| | |
|:---|:---|
| Change in net assets available for benefits per the financial statements | $5574054 |
| Change in differential between net asset value and fair value of common collective fund | 47956 |
| &nbsp;&nbsp;CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS PER FORM 5500 | $5622010 |

---

[**Table of Contents**](#TOC)

#### SUPPLEMENTAL SCHEDULE
[**Table of Contents**](#TOC)

#### BANK FIRST RETIREMENT PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

PLAN #002

39-1435359

DECEMBER 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| (a) | (b) | (c) | (d) | (e) |
|  | Identity of Issue | Description | Cost | Current Value |
| \* | Bank First Corporation | Common Stock | N/A | $22368772 |
|  | MetLife Stable Value | Common Trust Fund | N/A | 288261 |
| \* | Principal Fixed Income Guaranteed Option | Fully Benefit-Responsive Investment Contract | N/A | 4246027 |
|  | Vanguard Money Market Reserves | Mutual Fund | N/A | 559776 |
|  | Cohen & Steers Instl Realty | Mutual Fund | N/A | 277270 |
|  | Columbia Small Cap Growth | Mutual Fund | N/A | 555361 |
|  | Federated Hermes Total Return Bond | Mutual Fund | N/A | 1005398 |
|  | PGIM High Yield | Mutual Fund | N/A | 704009 |
|  | Eaton Vance Emerging and Frontier Countries | Mutual Fund | N/A | 497743 |
|  | JP Morgan Income | Mutual Fund | N/A | 1164742 |
|  | MFS International Diversification | Mutual Fund | N/A | 944695 |
|  | MFS Mid Cap Growth | Mutual Fund | N/A | 701820 |
|  | MFS Value | Mutual Fund | N/A | 2069612 |
|  | Blackrock LifePath Index 2030 | Mutual Fund | N/A | 3008260 |
|  | Blackrock LifePath Index 2035 | Mutual Fund | N/A | 6453569 |
|  | Blackrock LifePath Index 2040 | Mutual Fund | N/A | 3469873 |
|  | Blackrock LifePath Index 2045 | Mutual Fund | N/A | 4488217 |
|  | Blackrock LifePath Index 2050 | Mutual Fund | N/A | 6273424 |
|  | Blackrock LifePath Index 2055 | Mutual Fund | N/A | 2534908 |
|  | Blackrock LifePath Index 2060 | Mutual Fund | N/A | 2631963 |
|  | Blackrock LifePath Index 2065 | Mutual Fund | N/A | 1652305 |
|  | Blackrock LifePath Index 2070 | Mutual Fund | N/A | 36005 |
|  | Blackrock LifePath Index Retirement | Mutual Fund | N/A | 1927523 |
|  | Allspring Special Small Cap Value | Mutual Fund | N/A | 261455 |
|  | &nbsp;&nbsp;Total Mutual Funds |  |  | 41217928 |
|  | LA Capital Mgmt/Victory - MidCap Value I | Pooled Separate Fund | N/A | 690703 |
| \* | Principal Global Investors – Principal Small Cap S&P 600 Index | Pooled Separate Fund | N/A | 461475 |
| \* | Principal Global Investors – Blue Chip | Pooled Separate Fund | N/A | 4215021 |
|  | &nbsp;&nbsp;Total Pooled Separate Funds |  |  | 5367199 |
|  | &nbsp;&nbsp;**TOTAL** |  |  | $**73488187** |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Represents party-in-interest transactions

N/A Cost information is not required for participant-directed investments

See accompanying report of independent registered public accounting firm.

[**Table of Contents**](#TOC)

#### 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<br>Number | Description of Exhibit |
| [23.1](bfc-20251231xex23d1.htm) | [Consent of Independent Registered Public Accounting Firm](bfc-20251231xex23d1.htm) |

---

[**Table of Contents**](#TOC)

#### 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** | **Bank First Retirement Plan** |
| Date: June 26, 2026 | By: | /s/ Kevin M. LeMahieu |
|  | Kevin M. LeMahieu | Kevin M. LeMahieu |
|  | Chief Financial Officer | Chief Financial Officer |
|  | By:  | /s/ Sharol Schroeder |
|  | Sharol Schroeder | Sharol Schroeder |
|  | Senior Vice President - Human Resources | Senior Vice President - Human Resources |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in Registration Statement No. 333-237110 on Form S-8 of our report dated June 26, 2026, appearing in this Annual Report on Form 11-K of the Bank First Retirement Plan for the year ended December 31, 2025.

![Graphic](bfc-20251231xex23d1001.jpg)

Milwaukee, Wisconsin

June 26, 2026

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