# EDGAR Filing Document

**Accession Number:** 0001746109
**File Stem:** 0001104659-25-068872
**Filing Date:** 2025-7
**Character Count:** 39155
**Document Hash:** 92b1b8cc50f7f4cae30ce4614401f409
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-068872.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001104659-25-068872

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250718

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38676
- **FILM NUMBER:** 251132699

**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'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u>July 18, 2025</u>

Bank First Corporation

(Exact name of registrant as specified in its charter)

<u>Wisconsin</u> <u>001-38676</u> <u>39-1435359</u> <br> (State or other jurisdiction (Commission (IRS Employer <br> of incorporation) File Number) Identification No.)

<u>402 North 8<sup>th</sup> Street, Manitowoc, WI</u>   <u>54220</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code <u>(920) 652-3100</u>

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share BFC | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for company with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On July 18, 2025, Bank First Corporation (the "Company") announced its earnings for the quarter ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

Pursuant to General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under that Section. Furthermore, the information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits**

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| | |
|:---|:---|
| Exhibit<br> Number | Description of Exhibit |
| [99.1](tm2521094d1_ex99-1.htm) | [Press Release, dated July 18, 2025](tm2521094d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | BANK FIRST CORPORATION | BANK FIRST CORPORATION |
| Date: July 18, 2025 | By: | /s/ Kevin M. LeMahieu |
|  |  | Kevin M. LeMahieu |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| **NEWS**<br> **release** | ![](tm2521094d1_ex99-1img001.jpg) |

---

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

**For further information, contact:** 

Kevin M LeMahieu, Chief Financial Officer

Phone: (920) 652-3200 / klemahieu@bankfirst.com

FOR IMMEDIATE RELEASE

**Bank First Announces Net Income for the Second Quarter of 2025**

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income of $16.9 million and $35.1 million for the three and six months ended June 30, 2025, respectively** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Earnings per common share of $1.71 and $3.53 for the three and six months ended June 30, 2025, respectively** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Annualized return on average assets of 1.54% and 1.59% for the three and six months ended June 30, 2025, respectively** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Quarterly cash dividend of $0.45 per share declared, matching the prior quarter and 12.5% higher than the prior-year second quarter** 

MANITOWOC, Wis, July 18, 2025 -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $16.9 million, or $1.71 per share, for the second quarter of 2025, compared with net income of $16.1 million, or $1.59 per share, for the prior-year second quarter. For the six months ended June 30, 2025, Bank First earned $35.1 million, or $3.53 per share, compared to $31.5 million, or $3.10 per share for the same period in 2024.

"Bank First continues to benefit from recent moves towards normalization of the yield curve after an extended period of yield curve inversion," stated Mike Molepske, Chairman and CEO of Bank First. "While we pride ourselves on being interest rate neutral, which minimizes the impact of changes in interest rates on our earnings, a normalized yield curve benefits the entire banking industry. If this move towards normalization continues, Bank First should see an improving net interest margin over the coming months and years."

**Operating Results**

Net interest income ("NII") during the second quarter of 2025 was $36.7 million, up $0.2 million from the previous quarter and up $3.7 million from the second quarter of 2024. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from past acquisitions ("purchase accounting") increased NII by $0.6 million, or $0.05 per share after tax, during the second quarter of 2025, compared to $1.0 million, or $0.08 per share after tax, during the previous quarter and $1.2 million, or $0.09 per share after tax, during the second quarter of 2024.

Net interest margin ("NIM") was 3.72% for the second quarter of 2025, compared to 3.65% for the previous quarter and 3.63% for the second quarter of 2024. NII from purchase accounting increased NIM by 0.03%, 0.10% and 0.13% for each of these periods, respectively. The Bank's NIM continues to benefit from new and renewed loans pricing at higher yields while deposits, particularly certificates, continue to reprice lower. Rates earned on average earning assets increased 10 basis points while rates paid on average interest-bearing deposits decreased 15 basis points from the second quarter of 2024 to the second quarter of 2025. NIM improved through the second quarter of 2025, with total NIM for the month of June 2025 coming in at 3.77% and NIM net of the impact of purchase accounting coming in at 3.70%.

Bank First recorded a provision for credit losses of $0.2 million during the second quarter of 2025, compared to $0.4 million during the previous quarter. The Bank did not record a provision for credit losses during the second quarter of 2024. Provision expense was $0.6 million for the first six months of 2025 compared to $0.2 million for the same period during 2024.

Noninterest income was $4.9 million for the second quarter of 2025, compared to $6.6 million and $5.9 million for the prior quarter and second quarter of 2024, respectively. Income provided by the Bank's investment in Ansay & Associates, LLC totaled $1.2 million during the second quarter of 2025, matching the prior quarter but down $0.2 million from the prior-year second quarter. The Bank also experienced a $0.1 million negative valuation adjustment to its mortgage servicing rights asset during the second quarter of 2025 which compared unfavorably to $0.2 million and $0.3 million in positive valuation adjustments during the prior quarter and prior-year second quarter, respectively. Finally, the Bank benefited from a $1.0 million gain during the first quarter of 2025 and a $0.4 million gain during the second quarter of 2024 from death benefits on bank-owned life insurance policies, creating a negative variance in other non-interest income for the previous quarter and prior-year second quarter.

Noninterest expense totaled $20.8 million in the second quarter of 2025, compared to $20.6 million during the prior quarter and $19.1 million during the second quarter of 2024. Personnel expense remained well-managed, down $0.6 million from the prior quarter but up $0.4 million from the prior-year second quarter, the result of standard cost-of-living and merit increases year-over-year. Occupancy, equipment and office expense was elevated during the second quarter of 2025, up $0.3 million from the prior quarter and $0.6 million from the prior-year second quarter, the result of expenses from multiple branch remodels and the opening of a new branch in Sturgeon Bay, WI during the most recent quarter. Data processing expense was once again impacted in the most recent quarter by elevated expenditures related to the Bank's upgrade of its digital banking platform after experiencing relatively light expenditures related to these projects in the first quarter of 2025. Outside service fees increased by $0.3 million from the prior quarter but were down $0.3 million from the second quarter of 2024. Outside service fees during the second quarter of 2025 include a $0.1 million commission related to the sale of a former branch building, which resulted in a $0.2 million gain on sale, and $0.1 million in personnel recruitment fees. The second quarter of 2024 included $0.4 million in commissions related to sales of former branch buildings, which resulted in $0.5 million in gains, leading to the improved year-over-year variance.

**Balance Sheet**

Total assets were $4.37 billion at June 30, 2025, a $130.0 million decline from December 31, 2024, but a $219.3 million increase from June 30, 2024.

Total loans were $3.58 billion at June 30, 2025, up $63.2 million from December 31, 2024, and up $151.7 million from June 30, 2024.

Total deposits, nearly all of which remain core deposits, were $3.60 billion at June 30, 2025, down $65.6 million from seasonal highs at December 31, 2024, but up $195.5 million from June 30, 2024. Noninterest-bearing demand deposits comprised 27.5% of the Bank's total deposits at June 30, 2025, compared to 27.4% and 28.7% at December 31 and June 30, 2024, respectively.

**Asset Quality**

Nonperforming assets at June 30, 2025 remained negligible, totaling $13.6 million compared to $9.2 million and $11.0 million at the end of the fourth and second quarters of 2024, respectively. Nonperforming assets to total assets ended the second quarter of 2025 at 0.31%, compared to 0.21% and 0.27% at the end of the fourth and second quarters of 2024, respectively.

**Capital Position**

Stockholders' equity totaled $612.3 million at June 30, 2025, a decrease of $27.4 million from the end of 2024 and $2.2 million from June 30, 2024. Dividends, including a $3.50 per common share special dividend declared in the second quarter of 2025, totaling $43.6 million and repurchases of BFC common stock totaling $22.0 million outpaced earnings of $35.1 million through the first six months of 2025, causing the decline in capital. The Bank's book value per common share totaled $62.27 at June 30, 2025 compared to $63.89 at December 31, 2024 and $61.27 at June 30, 2024. Tangible book value per common share (non-GAAP) totaled $42.57 at June 30, 2025 compared to $44.28 at December 31, 2024 and $41.42 at June 30, 2024.

**Dividend Declaration**

Bank First's Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on October 8, 2025, to shareholders of record as of September 24, 2025.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, and treasury management products at its 27 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 368 full-time equivalent staff and has assets of approximately $4.4 billion. Insurance services are available through its bond with Ansay & Associates, LLC. Trust, investment advisory, and other financial services are offered in collaboration with several regional partners. Further information about Bank First Corporation is available by clicking the Shareholder Services tab at <u>www.bankfirst.com</u>.

\# \# \#

*Forward-Looking Statements: Certain statements contained in this press release and in other recent filings may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the timing, benefits, costs, and synergies of the merger with Hometown, statements relating to our projected growth, anticipated future financial performance, financial condition, credit quality, and management's long-term performance goals, and statements relating to the anticipated effects on our business, financial condition and results of operations from expected developments or events, our business, growth and strategies. These statements can generally be identified by the use of the words and phrases "may," "will," "should," "could," "would," "goal," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target," "aim," "predict," "continue," "seek," "projection," and other variations of such words and phrases and similar expressions.* 

 

*These forward-looking statements are not historical facts and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond Bank First's control. The inclusion of these forward-looking statements should not be regarded as a representation by Bank First or any other person that such expectations, estimates, and projections will be achieved. Accordingly, Bank First cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) business and economic conditions nationally, regionally and in our target markets, particularly in Wisconsin and the geographic areas in which we operate, (2) changes in government interest rate policies, (3) our ability to effectively manage problem credits, (4) the risks associated with Bank First's pursuit of future acquisitions, (5) Bank First's ability to successful execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (6) general competitive, economic, political, and market conditions.* 

 

 

*This communication contains non-GAAP financial measures, such as tangible book value per common share and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Bank First's results of operations or financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See " Non-GAAP Financial Measures" below. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.*

 

*Further information regarding Bank First and factors which could affect the forward-looking statements contained herein can be found in Bank First's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the Securities and Exchange Commission (the "SEC"). Many of these factors are beyond Bank First's ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this press release, and Bank First undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for Bank First to predict their occurrence or how they will affect the company.*

 

 

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| |
|:---|
| **Bank First Corporation** |
| **Consolidated Financial Summary (Unaudited)** |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands, except share and per share data)** | **At or for the Three Months Ended** | **At or for the Three Months Ended** | **At or for the Three Months Ended** | **At or for the Three Months Ended** | **At or for the Three Months Ended** | **At or for the <br> Six Months Ended** | **At or for the <br> Six Months Ended** |
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Results of Operations:** |  |  |  |  |  |  |  |
| Interest income | $54575 | $55048 | $53754 | $54032 | $49347 | $109623 | $98619 |
| Interest expense | 17873 | 18511 | 18193 | 18149 | 16340 | 36384 | 32263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 36702 | 36537 | 35561 | 35883 | 33007 | 73239 | 66356 |
| Provision for credit losses | 200 | 400 | (1000) | - | - | 600 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 36502 | 36137 | 36561 | 35883 | 33007 | 72639 | 66156 |
| Noninterest income | 4921 | 6588 | 4513 | 4893 | 5877 | 11509 | 10274 |
| Noninterest expense | 20756 | 20604 | 19286 | 20100 | 19057 | 41360 | 39381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax expense | 20667 | 22121 | 21788 | 20676 | 19827 | 42788 | 37049 |
| Income tax expense | 3792 | 3880 | 4248 | 4124 | 3768 | 7672 | 5578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $16875 | $18241 | $17540 | $16552 | $16059 | $35116 | $31471 |
| **Earnings per Common Share (Basic and Diluted)** | $1.71 | $1.82 | $1.75 | $1.65 | $1.59 | $3.53 | $3.10 |
| **Common Shares:** |  |  |  |  |  |  |  |
| Outstanding | 9833476 | 9973276 | 10012088 | 10011428 | 10031350 | 9833476 | 10031350 |
| Weighted average outstanding for the period | 9901391 | 10001009 | 10012013 | 10012190 | 10078611 | 9950925 | 10155979 |
| **Noninterest Income / Noninterest Expense:** |  |  |  |  |  |  |  |
| Service charges | $2053 | $2011 | $2119 | $2189 | $2101 | $4064 | $3735 |
| Income from Ansay | 1153 | 1181 | 82 | 1062 | 1379 | 2334 | 2358 |
| Loan servicing income | 733 | 732 | 744 | 733 | 735 | 1465 | 1461 |
| Valuation adjustment on mortgage servicing rights | (99) | 175 | 18 | (344) | 339 | 76 | 27 |
| Net gain on sales of mortgage loans | 338 | 334 | 424 | 377 | 277 | 672 | 496 |
| Other noninterest income | 743 | 2155 | 1126 | 876 | 1046 | 2898 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $4921 | $6588 | $4513 | $4893 | $5877 | $11509 | $10274 |
| Personnel expense | $10427 | $10985 | $9886 | $10118 | $10004 | $21412 | $20897 |
| Occupancy, equipment and office | 1922 | 1591 | 1445 | 1598 | 1330 | 3513 | 2914 |
| Data processing | 2620 | 2444 | 2687 | 2502 | 2114 | 5064 | 4503 |
| Postage, stationery and supplies | 270 | 240 | 229 | 213 | 205 | 510 | 443 |
| Advertising | 61 | 65 | 78 | 61 | 79 | 126 | 174 |
| Charitable contributions | 274 | 476 | 200 | 183 | 234 | 750 | 410 |
| Outside service fees | 1135 | 788 | 1135 | 1103 | 1446 | 1923 | 2322 |
| Federal deposit insurance | 630 | 630 | 495 | 495 | 443 | 1260 | 860 |
| Net loss (gain) on other real estate owned | (159) |  | (186) |  | (461) | (159) | (508) |
| Net loss on sales of securities |  |  |  |  |  |  | 34 |
| Amortization of intangibles | 1273 | 1298 | 1389 | 1429 | 1475 | 2571 | 2975 |
| Other noninterest expense | 2303 | 2087 | 1928 | 2398 | 2188 | 4390 | 4357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $20756 | $20604 | $19286 | $20100 | $19057 | $41360 | $39381 |
| **Period-end Balances:** |  |  |  |  |  |  |  |
| Cash and cash equivalents | $120328 | $300865 | $261332 | $204427 | $98950 | $120328 | $98950 |
| Securities available-for-sale, at fair value | 167209 | 163743 | 223061 | 128438 | 127977 | 167209 | 127977 |
| Securities held-to-maturity, at cost | 109854 | 110241 | 110756 | 109236 | 110648 | 109854 | 110648 |
| Loans | 3580357 | 3548070 | 3517168 | 3470920 | 3428635 | 3580357 | 3428635 |
| Allowance for credit losses - loans | (44292) | (43749) | (44151) | (45212) | (45118) | (44292) | (45118) |
| Premises and equipment, net | 75667 | 72670 | 71108 | 69710 | 68633 | 75667 | 68633 |
| Goodwill and core deposit intangible, net | 193738 | 195011 | 196309 | 197698 | 199127 | 193738 | 199127 |
| Mortgage servicing rights | 13445 | 13544 | 13369 | 13351 | 13694 | 13445 | 13694 |
| Other assets | 148776 | 144670 | 146108 | 145930 | 143274 | 148776 | 143274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4365082 | 4505065 | 4495060 | 4294498 | 4145820 | 4365082 | 4145820 |
| Deposits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest-bearing | 2605397 | 2666693 | 2636193 | 2463083 | 2424096 | 2605397 | 2424096 |
| &nbsp;&nbsp;Noninterest-bearing | 990027 | 1007525 | 1024880 | 1021658 | 975845 | 990027 | 975845 |
| Borrowings | 121915 | 146890 | 147372 | 147346 | 102321 | 121915 | 102321 |
| Other liabilities | 35410 | 35543 | 46932 | 33516 | 28979 | 35410 | 28979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3752749 | 3856651 | 3855377 | 3665603 | 3531241 | 3752749 | 3531241 |
| Stockholders' equity | 612333 | 648414 | 639683 | 628895 | 614579 | 612333 | 614579 |
| Book value per common share | $62.27 | $65.02 | $63.89 | $62.82 | $61.27 | $62.27 | $61.27 |
| Tangible book value per common share (non-GAAP) | $42.57 | $45.46 | $44.28 | $43.07 | $41.42 | $42.57 | $41.42 |
| **Average Balances:** |  |  |  |  |  |  |  |
| Loans | $3560945 | $3541995 | $3482974 | $3450423 | $3399906 | $3551522 | $3377526 |
| Interest-earning assets | 4006981 | 4100846 | 3962690 | 3833968 | 3696099 | 4053653 | 3718801 |
| Goodwill and other intangibles, net | 194503 | 195752 | 196966 | 198493 | 199959 | 195124 | 200684 |
| Total assets | 4407112 | 4498891 | 4360469 | 4231112 | 4094542 | 4452748 | 4119719 |
| Deposits | 3596755 | 3672039 | 3545694 | 3435172 | 3401828 | 3634190 | 3423985 |
| Interest-bearing liabilities | 2762544 | 2837182 | 2655609 | 2583382 | 2466726 | 2799658 | 2489514 |
| Stockholders' equity | 623861 | 645708 | 634137 | 620821 | 610818 | 634724 | 612004 |
| **Financial Ratios:** |  |  |  |  |  |  |  |
| Return on average assets \* | 1.54% | 1.64% | 1.60% | 1.56% | 1.58% | 1.59% | 1.54% |
| Return on average common equity \* | 10.85% | 11.46% | 11.00% | 10.61% | 10.57% | 11.16% | 10.34% |
| Return on average tangible common equity (non-GAAP)\* | 15.76% | 16.44% | 15.96% | 15.59% | 15.72% | 16.11% | 15.39% |
| Average equity to average assets | 14.16% | 14.35% | 14.54% | 14.67% | 14.92% | 14.25% | 14.86% |
| Stockholders' equity to assets | 14.03% | 14.39% | 14.23% | 14.64% | 14.82% | 14.03% | 14.82% |
| Tangible equity to tangible assets (non-GAAP) | 10.04% | 10.52% | 10.31% | 10.53% | 10.53% | 10.04% | 10.53% |
| Net interest margin, taxable equivalent \* | 3.72% | 3.65% | 3.61% | 3.76% | 3.63% | 3.69% | 3.62% |
| Net loan charge-offs (recoveries) to average loans \* | 0.00% | 0.09% | 0.01% | 0.04% | -0.05% | 0.05% | -0.05% |
| Nonperforming loans to total loans | 0.38% | 0.19% | 0.24% | 0.32% | 0.31% | 0.38% | 0.31% |
| Nonperforming assets to total assets | 0.31% | 0.17% | 0.21% | 0.28% | 0.27% | 0.31% | 0.27% |
| Allowance for credit losses - loans to total loans | 1.24% | 1.23% | 1.26% | 1.30% | 1.32% | 1.24% | 1.32% |
| **Loan Portfolio Composition:** |  |  |  |  |  |  |  |
| Commercial/industrial | $628527 | $507850 | $500352 | $517816 | $507406 | $628527 | $507406 |
| Commercial real estate - owner occupied | 841749 | 973578 | 968837 | 938730 | 920521 | 841749 | 920521 |
| Commercial real estate - non-owner occupied | 518636 | 460077 | 459431 | 463323 | 472272 | 518636 | 472272 |
| Multi-family | 377218 | 355003 | 326408 | 329458 | 333461 | 377218 | 333461 |
| Construction and development | 249857 | 278475 | 277971 | 246445 | 229934 | 249857 | 229934 |
| Residential 1-4 family | 891685 | 903280 | 913187 | 904273 | 897087 | 891685 | 897087 |
| Consumer and other | 72685 | 69807 | 70982 | 70875 | 67954 | 72685 | 67954 |
| &nbsp;&nbsp;Total | $3580357 | $3548070 | $3517168 | $3470920 | $3428635 | $3580357 | $3428635 |
| **Share Repurchases:** |  |  |  |  |  |  |  |
| Total number of shares repurchased | 143720 | 61882 |  | 20748 | 98623 | 205602 | 359816 |
| Total dollar of shares repurchased | $15661618 | $6380519 | $- | $1701336 | $7948028 | $22042137 | $30219955 |
| **Non-GAAP Financial Measures:** |  |  |  |  |  |  |  |
| Average tangible common equity reconciliation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total average stockholders' equity (GAAP) | $623861 | $645708 | $634137 | $620821 | $610818 | $634724 | $612004 |
| &nbsp;&nbsp;Average goodwill | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) |
| &nbsp;&nbsp;Average core deposit intangible, net of amortization | (19397) | (20646) | (21860) | (23387) | (24853) | (20018) | (25578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity (non-GAAP) | $429358 | $449956 | $437171 | $422328 | $410859 | $439600 | $411320 |
| Return on average tangible common equity calculation\* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Average tangible common equity (non-GAAP) | $429358 | $449956 | $437171 | $422328 | $410859 | $439600 | $411320 |
| &nbsp;&nbsp;Net income | $16875 | $18241 | $17540 | $16552 | $16059 | $35116 | $31471 |
| Return on average tangible common equity\* | 15.76% | 16.44% | 15.96% | 15.59% | 15.72% | 16.11% | 15.39% |
| Tangible assets reconciliation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total assets (GAAP) | $4365082 | $4505065 | $4495060 | $4294498 | $4145820 | $4365082 | $4145820 |
| &nbsp;&nbsp;Goodwill | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) |
| &nbsp;&nbsp;Core deposit intangible, net of amortization | (18632) | (19905) | (21203) | (22592) | (24021) | (18632) | (24021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (non-GAAP) | $4171344 | $4310054 | $4298751 | $4096800 | $3946693 | $4171344 | $3946693 |
| Tangible common equity reconciliation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total stockholders' equity (GAAP) | $612333 | $648414 | $639683 | $628895 | $614579 | $612333 | $614579 |
| &nbsp;&nbsp;Goodwill | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) |
| &nbsp;&nbsp;Core deposit intangible, net of amortization | (18632) | (19905) | (21203) | (22592) | (24021) | (18632) | (24021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity (non-GAAP) | $418595 | $453403 | $443374 | $431197 | $415452 | $418595 | $415452 |
| Tangible book value per common share calculation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tangible common equity (non-GAAP) | $418595 | $453403 | $443374 | $431197 | $415452 | $418595 | $415452 |
| &nbsp;&nbsp;Common shares outstanding at the end of the period | 9833476 | 9973276 | 10012088 | 10011428 | 10031350 | 9833476 | 10031350 |
| Tangible book value per common share (non-GAAP) | $42.57 | $45.46 | $44.28 | $43.07 | $41.42 | $42.57 | $41.42 |
| Tangible equity to tangible assets calculation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tangible common equity (non-GAAP) | $418595 | $453403 | $443374 | $431197 | $415452 | $418595 | $415452 |
| &nbsp;&nbsp;Tangible assets (non-GAAP) | $4171344 | $4310054 | $4298751 | $4096800 | $3946693 | $4171344 | $3946693 |
| Tangible equity to tangible assets (non-GAAP) | 10.04% | 10.52% | 10.31% | 10.53% | 10.53% | 10.04% | 10.53% |

---

\* Components of the quarterly ratios were annualized.

**Bank First Corporation**

**Average assets, liabilities and stockholders' equity, and average rates earned or paid**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **Average <br> Balance** | **Interest<br> Income/<br> Expenses (1)** | **Rate Earned/<br> Paid (1)** | **Average <br> Balance** | **Interest <br> Income/<br> Expenses (1)** | **Rate Earned/<br> Paid (1)** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| ASSETS |  |  |  |  |  |  |
| Interest-earning assets |  |  |  |  |  |  |
| Loans (2) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | $3432506 | 194859 | 5.68% | $3293213 | $182549 | 5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 128439 | 6818 | 5.31% | 106693 | 4895 | 4.59% |
| Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable (available for sale) | 159275 | 6913 | 4.34% | 123616 | 4862 | 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (available for sale) | 30855 | 1115 | 3.61% | 32888 | 1139 | 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable (held to maturity) | 106783 | 4282 | 4.01% | 108037 | 4283 | 3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (held to maturity) | 2404 | 66 | 2.75% | 3217 | 85 | 2.64% |
| Cash and due from banks | 146719 | 6526 | 4.45% | 28435 | 1945 | 6.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4006981 | 220579 | 5.50% | 3696099 | 199758 | 5.40% |
| Noninterest-earning assets | 444194 |  |  | 442843 |  |  |
| Allowance for credit losses - loans | (44063) |  |  | (44400) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4407112 |  |  | $4094542 |  |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Checking accounts | $453918 | $11443 | 2.52% | $400135 | $11825 | 2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 838709 | 12211 | 1.46% | 814980 | 12218 | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 667685 | 16142 | 2.42% | 595018 | 14193 | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 635509 | 24362 | 3.83% | 605071 | 25273 | 4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered Deposits | 20097 | 814 | 4.05% | 748 | 17 | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2615918 | 64972 | 2.48% | 2415952 | 63526 | 2.63% |
| Other borrowed funds | 146626 | 6713 | 4.58% | 50774 | 2195 | 4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2762544 | 71685 | 2.59% | 2466726 | 65721 | 2.66% |
| Noninterest-bearing liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand Deposits | 980837 |  |  | 985876 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 39870 |  |  | 31122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 3783251 |  |  | 3483724 |  |  |
| Shareholders' equity | 623861 |  |  | 610818 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $4407112 |  |  | $4094542 |  |  |
| Net interest income on a fully taxable equivalent basis |  | 148894 |  |  | 134037 |  |
| Less taxable equivalent adjustment |  | (1680) |  |  | (1285) |  |
| Net interest income |  | $147214 |  |  | $132752 |  |
| Net interest spread (3) |  |  | 2.91% |  |  | 2.74% |
| Net interest margin (4) |  |  | 3.72% |  |  | 3.63% |

---

(1) Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21%.

(2) Nonaccrual loans are included in average amounts outstanding.

(3) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest-bearing liabilities.

(4) Represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets.

**Bank First Corporation**

**Average assets, liabilities and stockholders' equity, and average rates earned or paid**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **Average <br> Balance** | **Interest <br> Income/<br> Expenses<br> (1)** | **Rate Earned/<br> Paid (1)** | **Average <br> Balance** | **Interest<br> Income/<br> Expenses<br> (1)** | **Rate Earned/<br> Paid (1)** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| ASSETS |  |  |  |  |  |  |
| Interest-earning assets |  |  |  |  |  |  |
| Loans (2) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | $3448515 | $194542 | 5.64% | $3270089 | $179602 | 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 103007 | 6852 | 6.65% | 107437 | 4873 | 4.54% |
| Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable (available for sale) | 169740 | 7435 | 4.38% | 142985 | 6143 | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (available for sale) | 31771 | 1132 | 3.56% | 33409 | 1140 | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable (held to maturity) | 107210 | 4274 | 3.99% | 107193 | 4266 | 3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (held to maturity) | 2797 | 75 | 2.68% | 3677 | 96 | 2.61% |
| Cash, due from banks and other | 190613 | 8445 | 4.43% | 54011 | 3484 | 6.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4053653 | 222755 | 5.50% | 3718801 | 199604 | 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-earning assets | 443235 |  |  | 444965 |  |  |
| Allowance for loan losses | (44140) |  |  | (44047) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4452748 |  |  | $4119719 |  |  |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Checking accounts | $485115 | $12098 | 2.49% | $410955 | $11669 | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 834917 | 12139 | 1.45% | 813963 | 12048 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 675522 | 16412 | 2.43% | 616236 | 14674 | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 637214 | 25186 | 3.95% | 597593 | 24308 | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered Deposits | 20095 | 815 | 4.06% | 748 | 17 | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2652863 | 66650 | 2.51% | 2439495 | 62716 | 2.57% |
| Other borrowed funds | 146795 | 6721 | 4.58% | 50019 | 2165 | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2799658 | 73371 | 2.62% | 2489514 | 64881 | 2.61% |
| Noninterest-bearing liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand Deposits | 981327 |  |  | 984490 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 37039 |  |  | 33711 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 3818024 |  |  | 3507715 |  |  |
| Stockholders' equity | 634724 |  |  | 612004 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & stockholders' equity | $4452748 |  |  | $4119719 |  |  |
| Net interest income on a fully taxable<br> equivalent basis |  | 149384 |  |  | 134723 |  |
| Less taxable equivalent adjustment |  | (1693) |  |  | (1283) |  |
| Net interest income |  | $147691 |  |  | $133440 |  |
| Net interest spread (3) |  |  | 2.87% |  |  | 2.76% |
| Net interest margin (4) |  |  | 3.69% |  |  | 3.62% |

---

(1) Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21%.

(2) Nonaccrual loans are included in average amounts outstanding.

(3) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest-bearing liabilities.

(4) Represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets.