# EDGAR Filing Document

**Accession Number:** 0001746109
**File Stem:** 0001104659-25-101224
**Filing Date:** 2025-10
**Character Count:** 42003
**Document Hash:** 43788e4d7e0d7d97a2eb6e88ff83ead4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101224.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001104659-25-101224

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251021

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**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:** 251407011

**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> October 21, 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:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which<br> 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. ◻

---

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

---

On October 21, 2025, Bank First Corporation (the "Company") announced its earnings for the quarter ended September 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.

---

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

---

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

---

| | |
|:---|:---|
| Exhibit<br> Number | Description of Exhibit |
| [99.1](tm2529109d1_ex99-1.htm) | [Press Release, dated October 21, 2025](tm2529109d1_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: October 21, 2025 | By: | /s/ Kevin M. LeMahieu |
|  |  | Kevin M. LeMahieu |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](tm2529109d1_ex99-1img01.jpg) | PO Box 10, Manitowoc, WI 54221-0010<br> **For further information, contact:**<br> Kevin M LeMahieu, Chief Financial Officer<br> Phone: (920) 652-3200 / klemahieu@bankfirst.com |

---

**NEWS release**

[For Immediate Release]

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

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income of $18.0 million and $53.1 million for the three and nine months ended September 30, 2025, respectively** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Earnings per common share of $1.83 and $5.36 for the three and nine months ended September 30, 2025, respectively** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Annualized return on average assets of 1.64% and 1.61% for the three and nine months ended September 30, 2025, respectively** 

MANITOWOC, Wis, October 21, 2025 -- Bank First Corporation (NASDAQ: <u>BFC</u>) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $18.0 million, or $1.83 per share, for the third quarter of 2025, compared with net income of $16.6 million, or $1.65 per share, for the prior-year third quarter. For the nine months ended September 30, 2025, Bank First earned $53.1 million, or $5.36 per share, compared to $48.0 million, or $4.75 per share for the same period in 2024. After removing the impact of one-time expenses related to the acquisition of Centre 1 Bancorp, Inc., as well as net gains on the sales of securities and other real estate owned ("OREO"), the Bank reported adjusted net income (non-GAAP) of $18.8 million, or $1.91 per share, for the third quarter of 2025, compared with $16.5 million, or $1.65 per share, for the prior-year third quarter. For the first nine months of 2025 adjusted net income (non-GAAP) totaled $53.8 million, or $5.42 per share, compared to $47.6 million, or $4.71 per share for the same period in 2024.

"We are pleased to report that earnings per share through the first three quarters of 2025 increased by nearly 13% compared to the same period last year, despite incurring over $891,000 in merger expenses related to our acquisition of First National Bank & Trust in Beloit Wisconsin, which is scheduled to close on January 1, 2026," stated Mike Molepske, Chairman and CEO of Bank First. "This continued growth in earnings was driven by mid-single-digit loan expansion and an increase in loan yields due to repricing. We expect loan repricing to continue boosting our loan portfolio yields for some time to come."

**Operating Results**

Net interest income ("NII") during the third quarter of 2025 was $38.3 million, up $1.6 million from the previous quarter and up $2.4 million from the third 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 $0.7 million, or $0.06 per share after tax, during the third quarter of 2025, compared to $0.6 million, or $0.05 per share after tax, during the previous quarter and $1.7 million, or $0.13 per share after tax, during the third quarter of 2024.

Net interest margin ("NIM") was 3.88% for the third quarter of 2025, compared to 3.72% for the previous quarter and 3.76% for the third quarter of 2024. NII from purchase accounting increased NIM by 0.07%, 0.07% and 0.17% for each of these periods, respectively. A combination of yields on newly originated loans during the quarter exceeding the portfolio average, as well as strong yield improvements on maturing loans that renewed during the quarter, resulted in a 10 basis point increase in the average rate earned on the Bank's loan portfolio compared to the prior quarter. In addition, repricing of maturing certificates of deposit during the quarter led to a 7 basis point decline in the average rate paid on the Bank's interest-bearing liabilities.

Bank First recorded a provision for credit losses of $0.7 million during the third quarter of 2025, compared to $0.2 million during the previous quarter. The Bank did not record a provision for credit losses during the third quarter of 2024. Provision expense was $1.3 million for the first nine months of 2025 compared to $0.2 million for the same period during 2024. Provision expense recorded during the third quarter of 2025 was the result of increasing balances in the Bank's loan portfolio. The Bank experienced negligible net loan losses during the quarter, and its asset quality metrics remain strong.

Noninterest income was $6.0 million for the third quarter of 2025, compared to $4.9 million for the prior quarter and third quarter of 2024. Income provided by the Bank's investment in Ansay & Associates, LLC totaled $1.3 million during the third quarter of 2025, up $0.1 million from the prior quarter and up $0.3 million from the prior-year third quarter. Gains on sales of mortgage loans totaled $0.5 million during the third quarter of 2025, up from $0.3 million in the prior quarter and $0.4 million in the prior-year third quarter. The Bank also experienced a $0.3 million positive valuation adjustment to its mortgage servicing rights asset during the third quarter of 2025, resulting primarily from increased balances of sold and serviced residential mortgage loans. This compared favorably to $0.1 million and $0.3 million in negative valuation adjustments during the prior quarter and prior-year third quarter, respectively.

Noninterest expense totaled $21.1 million in the third quarter of 2025, compared to $20.8 million during the prior quarter and $20.1 million during the third quarter of 2024. The primary driver of elevated noninterest expenses in the most recent quarter was outside service fees, which totaled $1.8 million, up $0.7 million from both the prior quarter and prior-year third quarter. Outside service fees related to the Bank's acquisition of Centre 1 Bancorp, Inc., scheduled to close on January 1, 2026, totaled $0.9 million during the third quarter of 2025. Personnel expense remained well-managed, up 0.7% from the prior quarter and 3.8% from the prior-year third quarter. Year-over-year increases were primarily the result of standard cost-of-living and merit adjustments. Occupancy, equipment and office expenses, which were elevated during the second quarter of 2025 as a result of multiple branch remodels and the opening of a new branch in Sturgeon Bay, totaled $1.6 million during the most recent quarter, down $0.4 million from the prior quarter and nearly matching the prior-year third quarter.

**Balance Sheet**

Total assets were $4.42 billion at September 30, 2025, a $74.6 million decline from December 31, 2024, but a $125.9 million increase from September 30, 2024.

Total loans were $3.63 billion at September 30, 2025, up $112.5 million from December 31, 2024, and up $158.7 million from September 30, 2024. Total loans grew at an annualized pace of 5.5% during the third quarter of 2025.

Total deposits, nearly all of which remain core deposits, were $3.54 billion at September 30, 2025, down $122.3 million from seasonal highs at December 31, 2024, but up $54.0 million from September 30, 2024. Noninterest-bearing demand deposits comprised 28.2% of the Bank's total deposits at September 30, 2025, compared to 28.0% and 29.3% at December 31 and September 30, 2024, respectively.

**Asset Quality**

Nonperforming assets at September 30, 2025 remained negligible, totaling $13.9 million compared to $9.2 million and $11.9 million at the end of the fourth and third quarters of 2024, respectively. Nonperforming assets to total assets ended the third quarter of 2025 at 0.31%, compared to 0.21% and 0.28% at the end of the fourth and third quarters of 2024, respectively.

**Capital Position**

Stockholders' equity totaled $628.1 million at September 30, 2025, a decrease of $11.6 million from the end of 2024 and $0.8 million from September 30, 2024. Dividends, including a $3.50 per common share special dividend declared in the second quarter of 2025, totaling $48.1 million and repurchases of BFC common stock totaling $22.0 million outpaced earnings of $53.1 million through the first nine months of 2025, causing the decline in capital. The Bank's book value per common share totaled $63.87 at September 30, 2025 compared to $63.89 at December 31, 2024 and $62.82 at September 30, 2024. Tangible book value per common share (non-GAAP) totaled $44.30 at September 30, 2025 compared to $44.28 at December 31, 2024 and $43.07 at September 30, 2024.

**Dividend Declaration**

Bank First's Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on January 7, 2026, to shareholders of record as of December 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 366 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.*

**Bank First Corporation**

**Consolidated Financial Summary (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(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> Nine Months Ended** | **At or for the <br> Nine Months Ended** |
|  | **9/30/2025** | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| **Results of Operations:** |  |  |  |  |  |  |  |
| Interest income | $55456 | $54575 | $55048 | $53754 | $54032 | $165079 | $152651 |
| Interest expense | 17203 | 17873 | 18511 | 18193 | 18149 | 53587 | 50412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 38253 | 36702 | 36537 | 35561 | 35883 | 111492 | 102239 |
| Provision for credit losses | 650 | 200 | 400 | (1000) | - | 1250 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 37603 | 36502 | 36137 | 36561 | 35883 | 110242 | 102039 |
| Noninterest income | 5953 | 4921 | 6588 | 4513 | 4893 | 17462 | 15167 |
| Noninterest expense | 21086 | 20756 | 20604 | 19286 | 20100 | 62446 | 59481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income tax expense | 22470 | 20667 | 22121 | 21788 | 20676 | 65258 | 57725 |
| Income tax expense | 4480 | 3792 | 3880 | 4248 | 4124 | 12152 | 9702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $17990 | $16875 | $18241 | $17540 | $16552 | $53106 | $48023 |
| **Earnings per Common Share (Basic and Diluted)** | $1.83 | $1.71 | $1.82 | $1.75 | $1.65 | $5.36 | $4.75 |
| **Common Shares:** |  |  |  |  |  |  |  |
| Outstanding | 9834083 | 9833476 | 9973276 | 10012088 | 10011428 | 9834083 | 10011428 |
| Weighted average outstanding for the period | 9834002 | 9901391 | 10001009 | 10012013 | 10012190 | 9911522 | 10107700 |
| **Noninterest Income / Noninterest Expense:** |  |  |  |  |  |  |  |
| Service charges | $2106 | $2053 | $2011 | $2119 | $2189 | $6170 | $5924 |
| Income from Ansay | 1314 | 1153 | 1181 | 82 | 1062 | 3648 | 3420 |
| Loan servicing income | 736 | 733 | 732 | 744 | 733 | 2201 | 2194 |
| Valuation adjustment on mortgage servicing rights | 250 | (99) | 175 | 18 | (344) | 326 | (317) |
| Net gain on sales of mortgage loans | 482 | 338 | 334 | 424 | 377 | 1154 | 873 |
| Other noninterest income | 1065 | 743 | 2155 | 1126 | 876 | 3963 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $5953 | $4921 | $6588 | $4513 | $4893 | $17462 | $15167 |
| Personnel expense | $10498 | $10427 | $10985 | $9886 | $10118 | $31910 | $31015 |
| Occupancy, equipment and office | 1567 | 1922 | 1591 | 1445 | 1598 | 5080 | 4512 |
| Data processing | 2506 | 2620 | 2444 | 2687 | 2502 | 7570 | 7005 |
| Postage, stationery and supplies | 165 | 259 | 217 | 224 | 221 | 641 | 708 |
| Advertising | 78 | 61 | 65 | 78 | 61 | 204 | 235 |
| Charitable contributions | 143 | 274 | 476 | 200 | 183 | 893 | 593 |
| Outside service fees | 1818 | 1135 | 788 | 1135 | 1103 | 3741 | 3425 |
| Federal deposit insurance | 540 | 630 | 630 | 495 | 495 | 1800 | 1355 |
| Net gain on other real estate owned |  | (159) |  | (186) |  | (159) | (508) |
| Net loss on sales of securities |  |  |  |  |  |  | 34 |
| Amortization of intangibles | 1228 | 1273 | 1298 | 1389 | 1429 | 3799 | 4404 |
| Other noninterest expense | 2543 | 2314 | 2110 | 1933 | 2390 | 6967 | 6703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $21086 | $20756 | $20604 | $19286 | $20100 | $62446 | $59481 |
| **Period-end Balances:** |  |  |  |  |  |  |  |
| Cash and cash equivalents | $126184 | $120328 | $300865 | $261332 | $204427 | $126184 | $204427 |
| Securities available-for-sale, at fair value | 167125 | 167209 | 163743 | 223061 | 128438 | 167125 | 128438 |
| Securities held-to-maturity, at cost | 106823 | 109854 | 110241 | 110756 | 109236 | 106823 | 109236 |
| Loans | 3629663 | 3580357 | 3548070 | 3517168 | 3470920 | 3629663 | 3470920 |
| Allowance for credit losses - loans | (44501) | (44292) | (43749) | (44151) | (45212) | (44501) | (45212) |
| Premises and equipment, net | 78027 | 75667 | 72670 | 71108 | 69710 | 78027 | 69710 |
| Goodwill and core deposit intangible, net | 192510 | 193738 | 195011 | 196309 | 197698 | 192510 | 197698 |
| Mortgage servicing rights | 13696 | 13445 | 13544 | 13369 | 13351 | 13696 | 13351 |
| Other assets | 150884 | 148776 | 144670 | 146108 | 145930 | 150884 | 145930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4420411 | 4365082 | 4505065 | 4495060 | 4294498 | 4420411 | 4294498 |
| Deposits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 2539476 | 2605397 | 2666693 | 2636193 | 2463083 | 2539476 | 2463083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | 999285 | 990027 | 1007525 | 1024880 | 1021658 | 999285 | 1021658 |
| Borrowings | 221941 | 121915 | 146890 | 147372 | 147346 | 221941 | 147346 |
| Other liabilities | 31584 | 35410 | 35543 | 46932 | 33516 | 31584 | 33516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3792286 | 3752749 | 3856651 | 3855377 | 3665603 | 3792286 | 3665603 |
| Stockholders' equity | 628125 | 612333 | 648414 | 639683 | 628895 | 628125 | 628895 |
| Book value per common share | $63.87 | $62.27 | $65.02 | $63.89 | $62.82 | $63.87 | $62.82 |
| Tangible book value per common share (non-GAAP) | $44.30 | $42.57 | $45.46 | $44.28 | $43.07 | $44.30 | $43.07 |
| **Average Balances:** |  |  |  |  |  |  |  |
| Loans | $3600259 | $3560945 | $3541995 | $3482974 | $3450423 | $3567946 | $3402001 |
| Interest-earning assets | 3948304 | 4006981 | 4100846 | 3962690 | 3833968 | 4018150 | 3757468 |
| Goodwill and other intangibles, net | 193250 | 194503 | 195752 | 196966 | 198493 | 194493 | 199948 |
| Total assets | 4350555 | 4407112 | 4498891 | 4360469 | 4231112 | 4418310 | 4157121 |
| Deposits | 3573341 | 3596755 | 3672039 | 3545694 | 3435172 | 3613685 | 3427741 |
| Interest-bearing liabilities | 2709808 | 2762544 | 2837182 | 2655609 | 2583382 | 2769379 | 2521031 |
| Stockholders' equity | 620153 | 623861 | 645708 | 634137 | 620821 | 629813 | 614965 |
| **Financial Ratios:** |  |  |  |  |  |  |  |
| Return on average assets \* | 1.64% | 1.54% | 1.64% | 1.60% | 1.56% | 1.61% | 1.54% |
| Return on average common equity \* | 11.51% | 10.85% | 11.46% | 11.00% | 10.61% | 11.27% | 10.43% |
| Return on average tangible common equity (non-GAAP)\* | 16.72% | 15.76% | 16.44% | 15.96% | 15.76% | 16.31% | 15.46% |
| Average equity to average assets | 14.25% | 14.16% | 14.35% | 14.54% | 14.67% | 14.25% | 14.79% |
| Stockholders' equity to assets | 14.21% | 14.03% | 14.39% | 14.23% | 14.64% | 14.21% | 14.64% |
| Tangible equity to tangible assets (non-GAAP) | 10.30% | 10.04% | 10.52% | 10.31% | 10.53% | 10.30% | 10.53% |
| Net interest margin, taxable equivalent \* | 3.88% | 3.72% | 3.65% | 3.61% | 3.76% | 3.75% | 3.67% |
| Net loan charge-offs (recoveries) to average loans \* | 0.00% | 0.00% | 0.09% | 0.01% | 0.04% | 0.03% | -0.03% |
| Nonperforming loans to total loans | 0.38% | 0.38% | 0.19% | 0.24% | 0.32% | 0.38% | 0.32% |
| Nonperforming assets to total assets | 0.31% | 0.31% | 0.17% | 0.21% | 0.28% | 0.31% | 0.28% |
| Allowance for credit losses - loans to total loans | 1.23% | 1.24% | 1.23% | 1.26% | 1.30% | 1.23% | 1.30% |
| **Loan Portfolio Composition:** |  |  |  |  |  |  |  |
| Commercial/industrial | $654452 | $628527 | $507850 | $500352 | $517816 | $654452 | $517816 |
| Commercial real estate - owner occupied | 861650 | 841749 | 973578 | 968837 | 938730 | 861650 | 938730 |
| Commercial real estate - non-owner occupied | 510535 | 518636 | 460077 | 459431 | 463323 | 510535 | 463323 |
| Multi-family | 372031 | 377218 | 355003 | 326408 | 329458 | 372031 | 329458 |
| Construction and development | 262439 | 249857 | 278475 | 277971 | 246445 | 262439 | 246445 |
| Residential 1-4 family | 897518 | 891685 | 903280 | 913187 | 904273 | 897518 | 904273 |
| Consumer and other | 71038 | 72685 | 69807 | 70982 | 70875 | 71038 | 70875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $3629663 | $3580357 | $3548070 | $3517168 | $3470920 | $3629663 | $3470920 |
| **Share Repurchases:** |  |  |  |  |  |  |  |
| Total number of shares repurchased |  | 143720 | 61882 |  | 20748 | 205602 | 372402 |
| Total dollar of shares repurchased | $- | $15622 | $6381 | $- | $1701 | $22003 | $31227 |
| **Non-GAAP Financial Measures:** |  |  |  |  |  |  |  |
| Adjusted net income reconciliation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (GAAP) | $17990 | $16875 | $18241 | $17540 | $16552 | $53106 | $48023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related expenses | 862 |  |  |  |  | 862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of securities and OREO valuations | - | (159) | - | (186) | - | (159) | (474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income before income tax impact | 18852 | 16716 | 18241 | 17354 | 16552 | 53809 | 47549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of adjustments | (74) | 33 | - | 39 | - | (41) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income (non-GAAP) | $18778 | $16749 | $18241 | $17393 | $16552 | $53768 | $47649 |
| Adjusted earnings per share calculation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income (non-GAAP) | $18778 | $16749 | $18241 | $17393 | $16552 | $53768 | $47649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding for the period | 9834002 | 9901391 | 10001009 | 10012013 | 10012190 | 9911522 | 10107700 |
| Adjusted earnings per share (non-GAAP) | $1.91 | $1.69 | $1.82 | $1.74 | $1.65 | $5.42 | $4.71 |
| Annualized return of adjusted earnings on average assets calculation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income (non-GAAP) | $18778 | $16749 | $18241 | $17393 | $16552 | $53768 | $47649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total assets | $4350555 | $4407112 | $4498891 | $4360469 | $4231112 | $4418310 | $4157121 |
| Annualized return of adjusted earnings on average assets (non-GAAP) | 1.71% | 1.52% | 1.64% | 1.59% | 1.57% | 1.63% | 1.53% |
| Average tangible common equity reconciliation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average stockholders' equity (GAAP) | $620153 | $623861 | $645708 | $634137 | $620821 | $629813 | $614965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average goodwill | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Average core deposit intangible, net of amortization | (18144) | (19397) | (20646) | (21860) | (23387) | (19387) | (24842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity (non-GAAP) | $426903 | $429358 | $449956 | $437171 | $422328 | $435320 | $415017 |
| Return on average tangible common equity calculation\* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity (non-GAAP) | $426903 | $429358 | $449956 | $437171 | $422328 | $435320 | $415017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $17990 | $16875 | $18241 | $17540 | $16552 | $53106 | $48023 |
| Return on average tangible common equity\* | 16.72% | 15.76% | 16.44% | 15.96% | 15.76% | 16.31% | 15.46% |
| Tangible assets reconciliation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets (GAAP) | $4420411 | $4365082 | $4505065 | $4495060 | $4294498 | $4420411 | $4294498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangible, net of amortization | (17404) | (18632) | (19905) | (21203) | (22592) | (17404) | (22592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (non-GAAP) | $4227901 | $4171344 | $4310054 | $4298751 | $4096800 | $4227901 | $4096800 |
| Tangible common equity reconciliation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (GAAP) | $628125 | $612333 | $648414 | $639683 | $628895 | $628125 | $628895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) | (175106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangible, net of amortization | (17404) | (18632) | (19905) | (21203) | (22592) | (17404) | (22592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity (non-GAAP) | $435615 | $418595 | $453403 | $443374 | $431197 | $435615 | $431197 |
| Tangible book value per common share calculation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity (non-GAAP) | $435615 | $418595 | $453403 | $443374 | $431197 | $435615 | $431197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding at the end of the period | 9834083 | 9833476 | 9973276 | 10012088 | 10011428 | 9834083 | 10011428 |
| Tangible book value per common share (non-GAAP) | $44.30 | $42.57 | $45.46 | $44.28 | $43.07 | $44.30 | $43.07 |
| Tangible equity to tangible assets calculation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity (non-GAAP) | $435615 | $418595 | $453403 | $443374 | $431197 | $435615 | $431197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (non-GAAP) | $4227901 | $4171344 | $4310054 | $4298751 | $4096800 | $4227901 | $4096800 |
| Tangible equity to tangible assets (non-GAAP) | 10.30% | 10.04% | 10.52% | 10.31% | 10.53% | 10.30% | 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** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 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;&nbsp;&nbsp;Taxable | $3475420 | 200735 | 5.78% | $3340597 | $192615 | 5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 124839 | 6532 | 5.23% | 109826 | 5161 | 4.70% |
| Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable (available for sale) | 158821 | 6747 | 4.25% | 117064 | 6375 | 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (available for sale) | 31172 | 1109 | 3.56% | 32911 | 1116 | 3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable (held to maturity) | 106160 | 4248 | 4.00% | 106490 | 4211 | 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (held to maturity) | 2395 | 65 | 2.71% | 3196 | 84 | 2.63% |
| Cash and due from banks | 49497 | 2199 | 4.44% | 123884 | 6728 | 5.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 3948304 | 221635 | 5.61% | 3833968 | 216290 | 5.64% |
| Noninterest-earning assets | 446841 |  |  | 442248 |  |  |
| Allowance for credit losses - loans | (44590) |  |  | (45104) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4350555 |  |  | $4231112 |  |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Checking accounts | $424093 | $9549 | 2.25% | $382388 | $10680 | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 845872 | 12397 | 1.47% | 820631 | 12656 | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 660912 | 16086 | 2.43% | 601409 | 14997 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 637208 | 23820 | 3.74% | 625573 | 26890 | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokered Deposits | 17929 | 720 | 4.02% | 8918 | 357 | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2586014 | 62572 | 2.42% | 2438919 | 65580 | 2.69% |
| Other borrowed funds | 123794 | 5678 | 4.59% | 144463 | 6622 | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2709808 | 68250 | 2.52% | 2583382 | 72202 | 2.79% |
| Noninterest-bearing liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand Deposits | 987327 |  |  | 996253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 33267 |  |  | 30656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 3730402 |  |  | 3610291 |  |  |
| Shareholders' equity | 620153 |  |  | 620821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $4350555 |  |  | $4231112 |  |  |
| Net interest income on a fully taxable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equivalent basis |  | 153385 |  |  | 144088 |  |
| Less taxable equivalent adjustment |  | (1619) |  |  | (1336) |  |
| Net interest income |  | $151766 |  |  | $142752 |  |
| Net interest spread (3) |  |  | 3.09% |  |  | 2.85% |
| Net interest margin (4) |  |  | 3.88% |  |  | 3.76% |

---

(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 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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 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;&nbsp;&nbsp;Taxable | $3439635 | $196628 | 5.72% | $3293762 | $183971 | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 128311 | 6744 | 5.26% | 108239 | 4970 | 4.59% |
| Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable (available for sale) | 166060 | 7203 | 4.34% | 134281 | 6221 | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (available for sale) | 31569 | 1124 | 3.56% | 33242 | 1132 | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable (held to maturity) | 106856 | 4266 | 3.99% | 106957 | 4248 | 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt (held to maturity) | 2662 | 72 | 2.70% | 3515 | 92 | 2.62% |
| Cash, due from banks and other | 143057 | 6340 | 4.43% | 77472 | 4573 | 5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4018150 | 222377 | 5.53% | 3757468 | 205207 | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-earning assets | 444452 |  |  | 444055 |  |  |
| Allowance for loan losses | (44292) |  |  | (44402) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4418310 |  |  | $4157121 |  |  |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Checking accounts | $464551 | $11239 | 2.42% | $401363 | $11337 | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 838609 | 12226 | 1.46% | 816202 | 12253 | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 670599 | 16302 | 2.43% | 611257 | 14783 | 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 637211 | 24726 | 3.88% | 606988 | 25174 | 4.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokered Deposits | 19365 | 783 | 4.04% | 3491 | 131 | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2630335 | 65276 | 2.48% | 2439301 | 63678 | 2.61% |
| Other borrowed funds | 139044 | 6369 | 4.58% | 81730 | 3662 | 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2769379 | 71645 | 2.59% | 2521031 | 67340 | 2.67% |
| Noninterest-bearing liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand Deposits | 983350 |  |  | 988440 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 35768 |  |  | 32685 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 3788497 |  |  | 3542156 |  |  |
| Stockholders' equity | 629813 |  |  | 614965 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & stockholders' equity | $4418310 |  |  | $4157121 |  |  |
| Net interest income on a fully taxable equivalent basis |  | 150732 |  |  | 137867 |  |
| Less taxable equivalent adjustment |  | (1667) |  |  | (1301) |  |
| Net interest income |  | $149065 |  |  | $136566 |  |
| Net interest spread (3) |  |  | 2.95% |  |  | 2.79% |
| Net interest margin (4) |  |  | 3.75% |  |  | 3.67% |

---

(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 interest-bearing liabilities.

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