Form 8-K

8-K — Bank First Corp

Accession: 0001104659-26-085400

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0001746109

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2620919d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2620919d1_ex99-1.htm)

GRAPHIC (tm2620919d1_ex99-1img001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2620919d1_8k.htm · Sequence: 1

false

0001746109

2026-07-21

iso4217:USD

xbrli:shares

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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)

July 21, 2026

Bank First Corporation

(Exact name of registrant

as specified in its charter)

Wisconsin

001-38676

39-1435359

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

402 North 8th Street, Manitowoc, WI

54220

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code

(920) 652-3100

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

Ticker symbol(s)

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. ¨

Item 2.02

Results of Operations and Financial Condition.

On July 21, 2026, Bank First Corporation (the

“Company”) announced its earnings for the quarter ended June 30, 2026. 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.

(d) Exhibits

Exhibit

Number

Description of Exhibit

99.1

Press Release, dated July 21, 2026

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

Date: July 21, 2026

By:

/s/ Kevin M. LeMahieu

Kevin M. LeMahieu

Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2620919d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

PO Box 10, Manitowoc, WI 54221-0010

For further information, contact:

Kevin M LeMahieu, Chief Financial Officer

Phone: (920) 652-3100 / klemahieu@bankfirst.com

NEWS

release

[For Immediate Release]

Bank First Announces

Net Income for the Second Quarter of 2026

· Net

income of $24.7 million and $44.7 million for the three and six months ended June 30,

2026, respectively

· Earnings

per common share of $2.21 and $3.99 for the three and six months ended June 30, 2026,

respectively

· Adjusted

net income (non-GAAP) of $27.3 million and $52.4 million and adjusted earnings per common

share (non-GAAP) of $2.45 and $4.69 for the three and six months ended June 30, 2026,

respectively, after removing the impact of acquisition expenses and certain asset sales

· Quarterly

cash dividend of $0.60 per share declared, an increase of 9.1% and 33.3% over the prior quarter

and prior-year second quarter, respectively

MANITOWOC, Wis., July 21,

2026 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank

First, N.A., reported net income of $24.7 million, or $2.21 per share, for the second quarter of 2026, compared with net income of $16.9

million, or $1.71 per share, for the prior-year second quarter. For the six months ending June 30, 2026, Bank First earned $44.7

million, or $3.99 per share, compared to $35.1 million, or $3.53 per share for the same period in 2025. After removing the impact of

expenses related to the acquisitions of Centre 1 Bancorp, Inc. (“Centre”), and PSB Holdings, Inc. (“Peoples”),

as well as one-time net gains on the sale of certain assets, the Bank reported adjusted net income (non-GAAP) of $27.3 million, or $2.45

per share, and $52.4 million, or $4.69 per share, for the three and six months ended June 30, 2026. Adjusted net income was $16.7

million, or $1.69 per share, and $35.0 million, or $3.52 per share, for the three and six months ended June 30, 2025.

“Following the anticipated

closing of our Peoples acquisition in December 2025, Bank First will have approximately $7.5 billion in total assets,” stated

Mike Molepske, Chairman and CEO of Bank First. “We are often asked about our plans to surpass $10 billion in assets. Our answer

is simple: we will continue to grow with discipline. We will not compromise our acquisition standards simply to reach a regulatory threshold.

Our focus remains on creating long-term shareholder value.”

Operating Results

The acquisition of Centre,

an institution with $1.48 billion in assets at closing on January 1, 2026, increased total assets of Bank First by 33%. The added

operating scale from this transaction significantly impacted nearly every aspect of Bank First’s results for the first half of

2026, as well as comparability to prior period results.

Net interest income (“NII”)

during the second quarter of 2026 was $55.0 million, up $1.8 million from the previous quarter and up $18.3 million from the second quarter

of 2025. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from

Centre and past acquisitions (“purchase accounting”) increased NII by $3.5 million, or $0.25 per share after tax, during

the second quarter of 2026, compared to $2.7 million, or $0.19 per share after tax, during the previous quarter and $0.6 million, or

$0.05 per share after tax, during the second quarter of 2025.

Net interest margin (“NIM”)

was 4.13% for the second quarter of 2026, compared to 3.96% for the previous quarter and 3.72% for the second quarter of 2025. NII from

purchase accounting increased NIM by 0.27%, 0.20% and 0.07% for each of these periods, respectively. After removing the impact of purchase

accounting, rates earned on average earning assets increased by four basis points and rates paid on average interest-bearing liabilities

decreased by nine basis points from the first to the second quarter of 2026. These improvements caused NIM, adjusted to remove the impact

of purchase accounting, to increase by 10 basis points quarter-over-quarter.

Bank First did not record

a provision for credit losses in the second quarter of 2026, matching the previous quarter and less than the $0.2 million provision recorded

during the second quarter of 2025. Accounting entries related to the Centre acquisition added $12.8 million to the allowance for credit

losses on January 1, 2026. The lack of provision expense during the first half of 2026 was due to a slight contraction in the Bank’s

loan portfolio (after removing the impact of the loans acquired from Centre on January 1), primarily in the Bank’s new Stateline

region (formerly Centre), as the Bank transitioned out of certain loans that were not consistent with Bank First’s lending philosophy.

Noninterest income was $10.0

million for the second quarter of 2026, compared to $10.5 million for the prior quarter and $4.9 million for the second quarter of 2025.

Trust and Wealth Management income, a new business line resulting from the Centre acquisition, produced $1.6 million in noninterest income

during the second quarter of 2026, equal to the $1.6 million produced in the first quarter of 2026. This revenue is nearly a 100% increase

from prior periods as these periods include only minimal wealth management income through referral agreements with partner firms. Service

charge income totaled $4.1 million for the second quarter of 2026, compared to $4.7 million and $2.1 million for the prior quarter and

second quarter of 2025, respectively. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”)

totaled $0.9 million, compared to $1.0 million and $1.2 million for the prior quarter and second quarter of 2025, respectively. Ansay

is experiencing reduced profitability in 2026, the result of investments they are making in automation and operational efficiency to

improve future profitability, coupled with insurance pricing in several sectors entering an industry-wide softening. Gains on sales of

mortgage loans totaled $0.7 million during the second quarter of 2026, down from $1.1 million in the prior quarter but up from $0.3 million

in the prior-year second quarter. Gains on sales of mortgage loans totaled $1.7 million through the first half of 2026 compared to $0.7

million during the same period of 2025 as the Bank has produced strong results in retail lending in a challenging higher rate environment.

The increasing interest rate environment through the first half of 2026 led to a $0.5 million positive valuation adjustment to the Bank’s

mortgage servicing rights in the current-year second quarter, compared to a $0.1 million negative valuation adjustment during the prior-year

second quarter. Increasing prevailing mortgage rates cause the assumption for prepayments of mortgages to decline, increasing the underlying

value of mortgage servicing rights assets.

Noninterest expense totaled

$34.4 million in the second quarter of 2026, compared to $39.1 million during the prior quarter and $20.8 million during the second quarter

of 2025. Expenses related to the Bank’s acquisitions of Centre and Peoples totaled $3.3 million during the second quarter of 2026

(“Q2”) compared to $6.5 million during the previous quarter (“Q1”). These expenses are primarily included in

the areas of personnel expense ($1.3 million for Q2 and $4.9 million for Q1), outside service fees ($0.5 million for Q2 and $1.2 million

for Q1) and data processing expenses ($0.5 million for Q2 and $0.2 million for Q1). Conversion of Centre’s core data processing

system onto Bank First’s platform occurred during the second quarter of 2026. Prior to this conversion, some operational areas

of the Bank had redundancies (personnel expense, occupancy expense, data processing) which are in addition to the previously listed expenses

related directly to acquisitions. Full realization of expected cost savings from operational synergies are anticipated during future

quarters. The acquisition of Centre created a core deposit intangible asset of $31.9 million. Amortization related to this intangible

asset, which will be amortized over the next 10 years, led to the elevated amortization expense during the first and second quarters

of 2026.

Balance Sheet

Total assets were $5.95 billion

on June 30, 2026, an increase of $1.44 billion from December 31, 2025, and up $1.58 billion from June 30, 2025. As mentioned

earlier, the acquisition of Centre added approximately $1.48 billion in assets on January 1, 2026.

The carrying value of investments

on June 30, 2026, totaled $608.6 million, up $340.5 million from December 31,2025, and $331.6 million from June 30, 2025.

The acquisition of Centre included $333.1 million in investments, causing the investment portfolio’s composition of total assets

to go from 6.0% at the end of 2025 to 10.2% at the end of the second quarter of 2026.

Total loans were $4.52 billion

on June 30, 2026, up $917.0 million from December 31, 2025, and $941.3 million from June 30, 2025. Loans included in the

acquisition of Centre totaled approximately $981.5 million. Some attrition in these acquired balances has created a headwind to overall

loan growth for the organization through the first half of 2026.

Total deposits, nearly all

of which remain core deposits, were $4.99 billion on June 30, 2026, up $1.29 billion from December 31, 2025, and $1.39 billion

from June 30, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand

deposits comprised 30.0% of the Bank’s total deposits on June 30, 2026, after finishing 2025 at 27.1%.

Asset Quality

Nonperforming assets on June 30,

2026, totaled $27.8 million, down $2.2 million from the end of the previous quarter but up $14.2 million from June 30, 2025. Other

real estate owned, fully comprised of former properties of Centre that will not be utilized by Bank First, totaled $2.4 million on June 30,

2026. Seventy-five percent of the $22.3 million balance in nonaccrual loans related to three customer relationships. The circumstances

which led these loans to nonaccrual status are unique and not prevalent throughout the Bank’s loan portfolio. Nonperforming assets

to total assets remained manageable at 0.47% as of June 30, 2026, down from 0.50% at the end of the prior quarter but up from 0.31%

on June 30, 2025.

Capital Position

Stockholders’ equity

totaled $819.3 million on June 30, 2026, an increase of $175.4 million from the end of 2025. Earnings of $44.7 million were supplemented

by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $11.7

million and share repurchases totaling $22.7 million. The Bank’s book value per common share totaled $73.95 on June 30, 2026,

compared to $65.47 on December 31, 2025. Tangible book value per common share (non-GAAP) totaled $47.92 on June 30, 2026, compared

to $46.01 on December 31, 2025.

Dividend Declaration

Bank First’s Board

of Directors approved a quarterly cash dividend of $0.60 per common share, payable on October 7, 2026, to shareholders of record

as of September 23, 2026. This dividend represents an increase of $0.05 and $0.15 per share, or 9.1% and 33.3%, from the dividend

declared during the prior quarter and prior-year second quarter, respectively.

Bank First Corporation provides

financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, treasury

management, trust, and wealth management services at each of its 38 banking locations in Wisconsin and Illinois. The Bank has grown through

both acquisitions and de novo branch expansion. Bank First employs approximately 554 full-time equivalent staff and has assets of approximately

$6 billion. Insurance services are available through its bond with Ansay. Further information about Bank First Corporation is available

by clicking the Shareholder Services tab at www.bankfirst.com.

# # #

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 Centre, 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 successfully 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 adjusted net income, adjusted earnings per share, return of adjusted earnings on average assets,

tangible book value per common share, return on average tangible common equity, 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, 2025, 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)

or for the Three Months Ended

At or for

the Six Months Ended

6/30/2026

3/31/2026

12/31/2025

9/30/2025

6/30/2025

6/30/2026

6/30/2025

Results of Operations:

Interest income

$ 75,719

$ 73,605

$ 56,636

$ 55,456

$ 54,575

$ 149,324

$ 109,623

Interest expense

20,686

20,389

16,470

17,203

17,873

41,075

36,384

Net interest income

55,033

53,216

40,166

38,253

36,702

108,249

73,239

Provision for credit losses

650

200

600

Net interest income after provision for credit losses

55,033

53,216

40,166

37,603

36,502

108,249

72,639

Noninterest income

10,002

10,532

4,758

5,953

4,921

20,534

11,509

Noninterest expense

34,400

39,056

22,012

21,086

20,756

73,456

41,360

Income before income tax expense

30,635

24,692

22,912

22,470

20,667

55,327

42,788

Income tax expense

5,944

4,704

4,522

4,480

3,792

10,648

7,672

Net income

$ 24,691

$ 19,988

$ 18,390

$ 17,990

$ 16,875

$ 44,679

$ 35,116

Earnings per Common Share (Basic and

Diluted)

$ 2.21

$ 1.78

$ 1.87

$ 1.83

$ 1.71

$ 3.99

$ 3.53

Common Shares:

Outstanding

11,079,310

11,222,442

9,834,623

9,834,083

9,833,476

11,079,310

9,833,476

Weighted average outstanding for the period

11,149,885

11,215,545

9,834,567

9,834,002

9,901,391

11,183,664

9,950,925

Noninterest Income / Noninterest Expense:

Trust and wealth management

$ 1,620

$ 1,575

$ 26

$ 14

$ 16

$ 3,195

$ 33

Service charges

4,102

4,690

2,255

2,106

2,053

8,792

4,064

Income from Ansay

866

975

267

1,314

1,153

1,841

2,334

Loan servicing income

954

955

747

736

733

1,909

1,465

Valuation adjustment on mortgage servicing rights

534

(45 )

250

(99 )

615

Net gain on sales of mortgage loans

661

1,076

649

482

338

1,737

672

Other noninterest income

1,265

1,180

859

1,051

727

2,445

2,865

Total noninterest income

$ 10,002

$ 10,532

$ 4,758

$ 5,953

$ 4,921

$ 20,534

$ 11,509

Personnel expense

$ 16,822

$ 21,789

$ 10,565

$ 10,498

$ 10,427

$ 38,611

$ 21,412

Occupancy, equipment and office

2,639

2,556

2,769

1,567

1,922

5,195

3,513

Data processing

4,045

3,410

2,685

2,506

2,620

7,455

5,064

Postage, stationery and supplies

843

439

309

165

259

1,282

510

Advertising

147

(28 )

230

126

Charitable contributions

317

240

143

274

557

750

Outside service fees

1,990

2,400

1,490

1,818

1,135

4,390

1,923

Federal deposit insurance

849

716

510

540

630

1,565

1,260

Net gain on other real estate owned

(28 )

(191 )

(159 )

(219 )

(159 )

Net loss on sales of securities

Amortization of intangibles

2,547

2,572

1,204

1,228

1,273

5,119

2,571

Other noninterest expense

4,229

5,011

2,429

2,543

2,314

9,240

4,390

Total noninterest expense

$ 34,400

$ 39,056

$ 22,012

$ 21,086

$ 20,756

$ 73,456

$ 41,360

Period-end Balances:

Cash and cash equivalents

$ 266,523

$ 398,638

$ 243,207

$ 126,184

$ 120,328

$ 266,523

$ 120,328

Securities available-for-sale,

at fair value

494,571

483,235

164,422

167,125

167,209

494,571

167,209

Securities held-to-maturity,

at cost

114,061

117,929

103,726

106,823

109,854

114,061

109,854

Loans

4,521,687

4,515,626

3,604,651

3,629,663

3,580,357

4,521,687

3,580,357

Allowance for credit losses -

loans

(56,029 )

(57,067 )

(44,374 )

(44,501 )

(44,292 )

(56,029 )

(44,292 )

Premises and equipment, net

96,066

93,140

79,217

78,027

75,667

96,066

75,667

Goodwill and core deposit intangible,

net

288,342

291,908

191,306

192,510

193,738

288,342

193,738

Mortgage servicing rights

18,019

17,484

13,650

13,696

13,445

18,019

13,445

Other assets

204,272

208,120

150,290

150,884

148,776

204,272

148,776

Total assets

5,947,512

6,069,013

4,506,095

4,420,411

4,365,082

5,947,512

4,365,082

Deposits

Interest-bearing

3,489,250

3,589,919

2,692,711

2,539,476

2,605,397

3,489,250

2,605,397

Noninterest-bearing

1,498,332

1,496,897

1,003,076

999,285

990,027

1,498,332

990,027

Borrowings

104,846

124,845

121,966

221,941

121,915

104,846

121,915

Other liabilities

35,774

37,499

44,506

31,584

35,410

35,774

35,410

Total liabilities

5,128,202

5,249,160

3,862,259

3,792,286

3,752,749

5,128,202

3,752,749

Stockholders' equity

819,310

819,853

643,836

628,125

612,333

819,310

612,333

Book value per common share

$ 73.95

$ 73.05

$ 65.47

$ 63.87

$ 62.27

$ 73.95

$ 62.27

Tangible book value per common share (non-GAAP)

$ 47.92

$ 47.04

$ 46.01

$ 44.30

$ 42.57

$ 47.92

$ 42.57

Average Balances:

Loans

$ 4,514,298

$ 4,560,355

$ 3,615,930

$ 3,600,259

$ 3,560,945

$ 4,537,199

$ 3,551,522

Interest-earning assets

5,388,799

5,489,866

4,019,999

3,948,304

4,006,981

5,439,052

4,053,653

Goodwill and other intangibles, net

290,473

292,757

192,061

193,250

194,503

291,609

195,124

Total assets

5,966,393

6,052,695

4,421,837

4,350,555

4,407,112

6,010,116

4,452,748

Deposits

4,983,283

5,043,273

3,602,826

3,573,341

3,596,755

5,013,111

3,634,190

Interest-bearing liabilities

3,608,897

3,750,264

2,732,417

2,709,808

2,762,544

3,637,987

2,799,658

Stockholders' equity

819,933

801,987

636,418

620,153

623,861

811,009

634,724

Bank First Corporation

Consolidated Financial Summary (Unaudited)

(In thousands, except

share and per share data)

or for the Three Months Ended

At or for

the Six Months Ended

6/30/2026

3/31/2026

12/31/2025

9/30/2025

6/30/2025

6/30/2026

6/30/2025

Financial Ratios:

Return on average assets *

1.66 %

1.34 %

1.65 %

1.64 %

1.54 %

1.50 %

1.59 %

Return on average common equity *

12.08 %

10.11 %

11.46 %

11.51 %

10.85 %

11.11 %

11.16 %

Return on average tangible common equity (non-GAAP)*

18.70 %

15.57 %

16.42 %

16.72 %

15.76 %

17.35 %

16.11 %

Average equity to average assets

13.74 %

13.25 %

14.39 %

14.25 %

14.16 %

13.49 %

14.25 %

Stockholders' equity to assets

13.78 %

13.51 %

14.29 %

14.21 %

14.03 %

13.78 %

14.03 %

Tangible equity to tangible assets (non-GAAP)

9.38 %

9.14 %

10.49 %

10.30 %

10.04 %

9.38 %

10.04 %

Net interest margin, taxable equivalent *

4.13 %

3.96 %

4.01 %

3.88 %

3.72 %

4.04 %

3.69 %

Net loan charge-offs (recoveries) to average loans *

0.09 %

0.01 %

0.00 %

0.05 %

Nonperforming loans to total loans

0.56 %

0.60 %

0.25 %

0.38 %

0.56 %

0.38 %

Nonperforming assets to total assets

0.47 %

0.50 %

0.20 %

0.31 %

0.47 %

0.31 %

Allowance for credit losses - loans to total loans

1.24 %

1.26 %

1.23 %

1.24 %

Loan Portfolio Composition:

Commercial/industrial

$ 848,605

$ 823,824

$ 647,086

$ 654,452

$ 628,527

$ 848,605

$ 628,527

Commercial real estate - owner occupied

1,094,282

1,133,042

880,723

861,650

841,749

1,094,282

841,749

Commercial real estate - non-owner occupied

705,370

660,359

492,525

510,535

518,636

705,370

518,636

Multi-family

451,853

456,366

402,053

372,031

377,218

451,853

377,218

Construction and development

241,933

259,365

215,518

262,439

249,857

241,933

249,857

Residential 1-4 family

1,099,348

1,101,515

894,979

897,518

891,685

1,099,348

891,685

Consumer and other

80,296

81,155

71,767

71,038

72,685

80,296

72,685

Total

$ 4,521,687

$ 4,515,626

$ 3,604,651

$ 3,629,663

$ 3,580,357

$ 4,521,687

$ 3,580,357

Share Repurchases:

Total number of shares repurchased

144,000

16,000

143,720

160,000

205,602

Total dollar of shares repurchased

$ 20,364

$ 2,376

$ -

$ 15,622

$ 22,740

$ 22,042

Non-GAAP Financial Measures:

Adjusted net income reconciliation

Net income (GAAP)

$ 24,691

$ 19,988

$ 18,390

$ 17,990

$ 16,875

$ 44,679

$ 35,116

Acquisition related expenses

3,311

6,528

663

862

9,839

Loss on razing of branch building

879

Gains on sales of securities and

OREO valuations

(28 )

(160 )

(159 )

(188 )

(159 )

Adjusted net income before income tax impact

27,974

26,356

19,932

18,852

16,716

54,330

34,957

Income tax impact of adjustments

(656 )

(1,274 )

(307 )

(74 )

(1,930 )

Adjusted net income (non-GAAP)

$ 27,318

$ 25,082

$ 19,625

$ 18,778

$ 16,749

$ 52,400

$ 34,990

Adjusted earnings per share calculation

Adjusted net income (non-GAAP)

$ 27,318

$ 25,082

$ 19,625

$ 18,778

$ 16,749

$ 52,400

$ 34,990

Weighted average common shares outstanding for the period

11,149,885

11,215,545

9,834,567

9,834,002

9,901,391

11,183,664

9,950,925

Adjusted earnings per share (non-GAAP)

$ 2.45

$ 2.24

$ 2.00

$ 1.91

$ 1.69

$ 4.69

$ 3.52

Annualized return of adjusted earnings on average assets

calculation

Adjusted net income (non-GAAP)

$ 27,318

$ 25,082

$ 19,625

$ 18,778

$ 16,749

$ 52,400

$ 34,990

Average total assets

$ 5,966,393

$ 6,052,695

$ 4,421,837

$ 4,350,555

$ 4,407,112

$ 6,010,116

$ 4,452,748

Annualized return of adjusted earnings on average assets

(non-GAAP)

1.84 %

1.64 %

1.76 %

1.71 %

1.52 %

1.76 %

1.58 %

Average tangible common equity reconciliation

Total average stockholders’ equity (GAAP)

$ 819,933

$ 801,987

$ 636,418

$ 620,153

$ 623,861

$ 811,009

$ 623,861

Average goodwill

(245,989 )

(246,370 )

(175,106 )

(246,179 )

(175,106 )

Average core deposit intangible,

net of amortization

(44,484 )

(46,387 )

(16,955 )

(18,144 )

(19,397 )

(45,430 )

(19,397 )

Average tangible common equity

(non-GAAP)

$ 529,460

$ 509,230

$ 444,357

$ 426,903

$ 429,358

$ 519,400

$ 429,358

Return on average tangible common equity calculation*

Average tangible common equity (non-GAAP)

$ 529,460

$ 509,230

$ 444,357

$ 426,903

$ 429,358

$ 519,400

$ 429,358

Net income

$ 24,691

$ 19,988

$ 18,390

$ 17,990

$ 16,875

$ 44,679

$ 16,875

Return on average tangible common equity*

18.70 %

15.92 %

16.42 %

16.72 %

15.76 %

17.35 %

15.76 %

Tangible assets reconciliation

Total assets (GAAP)

$ 5,947,512

$ 6,069,014

$ 4,506,095

$ 4,420,411

$ 4,365,082

$ 5,947,512

$ 4,365,082

Goodwill

(245,351 )

(246,370 )

(175,106 )

(245,351 )

(175,106 )

Core deposit intangible, net of amortization

(42,991 )

(45,538 )

(16,200 )

(17,404 )

(18,632 )

(42,991 )

(18,632 )

Tangible assets (non-GAAP)

$ 5,659,170

$ 5,777,106

$ 4,314,789

$ 4,227,901

$ 4,171,344

$ 5,659,170

$ 4,171,344

Tangible common equity reconciliation

Total stockholders’ equity (GAAP)

$ 819,310

$ 819,853

$ 643,836

$ 628,125

$ 612,333

$ 819,310

$ 612,333

Goodwill

(245,351 )

(246,370 )

(175,106 )

(245,351 )

(175,106 )

Core deposit intangible, net of amortization

(42,991 )

(45,538 )

(16,200 )

(17,404 )

(18,632 )

(42,991 )

(18,632 )

Tangible common equity (non-GAAP)

$ 530,968

$ 527,945

$ 452,530

$ 435,615

$ 418,595

$ 530,968

$ 418,595

Tangible book value per common share calculation

Tangible common equity (non-GAAP)

$ 530,968

$ 527,945

$ 452,530

$ 435,615

$ 418,595

$ 530,968

$ 418,595

Common shares outstanding at the end of the period

11,079,310

11,222,442

9,834,623

9,834,083

9,833,476

11,079,310

9,833,476

Tangible book value per common share (non-GAAP)

$ 47.92

$ 47.04

$ 46.01

$ 44.30

$ 42.57

$ 47.92

$ 42.57

Tangible equity to tangible assets calculation

Tangible common equity (non-GAAP)

$ 530,968

$ 527,945

$ 452,530

$ 435,615

$ 418,595

$ 530,968

$ 418,595

Tangible assets (non-GAAP)

$ 5,659,170

$ 5,777,106

$ 4,314,789

$ 4,227,901

$ 4,171,344

$ 5,659,170

$ 4,171,344

Tangible equity to tangible assets (non-GAAP)

9.38 %

9.14 %

10.49 %

10.30 %

10.04 %

9.38 %

10.04 %

* 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

June

30, 2026

June

30, 2025

Average

Balance

Interest

Income/

Expenses

(1)

Rate

Earned/

Paid (1)

Average

Balance

Interest

Income/

Expenses

(1)

Rate

Earned/

Paid (1)

(dollars in thousands)

ASSETS

Interest-earning assets

Loans (2)

Taxable

$ 4,380,986

263,197

6.01 %

$ 3,432,506

194,859

5.68 %

Tax-exempt

133,312

6,913

5.19 %

128,439

6,818

5.31 %

Securities

Taxable (available for sale)

485,347

20,541

4.23 %

159,275

6,913

4.34 %

Tax-exempt (available for sale)

33,637

1,259

3.74 %

30,855

1,115

3.61 %

Taxable (held to maturity)

114,143

4,648

4.07 %

106,783

4,282

4.01 %

Tax-exempt (held to maturity)

3,814

2.60 %

2,404

2.75 %

Cash and due from banks

237,560

8,792

3.70 %

146,719

6,526

4.45 %

Total interest-earning assets

5,388,799

305,449

5.67 %

4,006,981

220,579

5.50 %

Noninterest-earning assets

634,139

444,194

Allowance for credit losses - loans

(56,545 )

(44,063 )

Total assets

$ 5,966,393

$ 4,407,112

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits

Checking accounts

$ 607,829

$ 14,698

2.42 %

$ 453,918

$ 11,443

2.52 %

Savings accounts

1,132,387

14,491

1.28 %

838,709

12,211

1.46 %

Money market accounts

923,098

19,674

2.13 %

667,685

16,142

2.42 %

Certificates of deposit

808,406

27,498

3.40 %

635,509

24,362

3.83 %

Brokered Deposits

15,118

597

3.95 %

20,097

814

4.05 %

Total interest-bearing deposits

3,486,838

76,958

2.21 %

2,615,918

64,972

2.48 %

Other borrowed funds

122,059

6,013

4.93 %

146,626

6,713

4.58 %

Total interest-bearing liabilities

3,608,897

82,971

2.30 %

2,762,544

71,685

2.59 %

Noninterest-bearing liabilities

Demand Deposits

1,496,445

980,837

Other liabilities

41,118

39,870

Total Liabilities

5,146,460

3,783,251

Shareholders' equity

819,933

623,861

Total liabilities

& shareholders' equity

$ 5,966,393

$ 4,407,112

Net interest income on a fully taxable

equivalent basis

222,478

148,894

Less taxable equivalent adjustment

(1,737 )

(1,680 )

Net interest income

$ 220,741

$ 147,214

Net interest spread (3)

3.37 %

2.91 %

Net interest margin (4)

4.13 %

3.72 %

(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

Six

Months Ended

June

30, 2026

June

30, 2025

Average

Balance

Interest

Income/

Expenses

(1)

Rate

Earned/

Paid (1)

Average

Balance

Interest

Income/

Expenses (1)

Rate

Earned/

Paid (1)

(dollars in thousands)

ASSETS

Interest-earning assets

Loans (2)

Taxable

$ 4,404,330

$ 260,036

5.90 %

$ 3,421,445

$ 194,542

5.69 %

Tax-exempt

132,869

6,647

5.00 %

130,077

6,852

5.27 %

Securities

Taxable (available

for sale)

493,785

20,701

4.19 %

169,740

7,435

4.38 %

Tax-exempt (available

for sale)

34,909

1,281

3.67 %

31,771

1,132

3.56 %

Taxable (held

to maturity)

108,357

4,423

4.08 %

107,210

4,274

3.99 %

Tax-exempt (held

to maturity)

4,158

109

2.62 %

2,797

2.68 %

Cash, due from

banks and other

260,644

9,615

3.69 %

190,613

8,445

4.43 %

Total interest-earning

assets

5,439,052

302,812

5.57 %

4,053,653

222,755

5.50 %

Noninterest-earning

assets

627,017

443,235

Allowance for

loan losses

(55,953 )

(44,140 )

Total

assets

$ 6,010,116

$ 4,452,748

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing deposits

Checking accounts

$ 624,501

$ 16,257

2.60 %

$ 485,115

$ 12,098

2.49 %

Savings accounts

1,123,409

14,313

1.27 %

834,917

12,139

1.45 %

Money market accounts

930,850

19,740

2.12 %

675,522

16,412

2.43 %

Certificates of deposit

810,830

28,217

3.48 %

637,214

25,186

3.95 %

Brokered

Deposits

15,116

597

3.95 %

20,095

815

4.06 %

Total interest-bearing

deposits

3,504,706

79,124

2.26 %

2,652,863

66,650

2.51 %

Other borrowed

funds

133,281

3,709

2.78 %

146,795

6,721

4.58 %

Total interest-bearing

liabilities

3,637,987

82,833

2.28 %

2,799,658

73,371

2.62 %

Noninterest-bearing liabilities

Demand Deposits

1,508,405

981,327

Other

liabilities

52,715

37,039

Total Liabilities

5,199,107

3,818,024

Stockholders'

equity

811,009

634,724

Total

liabilities & stockholders' equity

$ 6,010,116

$ 4,452,748

Net interest income on a fully taxable equivalent

basis

219,979

149,384

Less taxable

equivalent adjustment

(1,688 )

(1,693 )

Net interest

income

$ 218,291

$ 147,691

Net interest

spread (3)

3.29 %

2.87 %

Net interest

margin (4)

4.04 %

3.69 %

(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.

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Cover

Jul. 21, 2026

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Entity File Number

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Entity Registrant Name

Bank First Corporation

Entity Central Index Key

0001746109

Entity Tax Identification Number

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Entity Incorporation, State or Country Code

Entity Address, Address Line One

402 North 8th Street

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Manitowoc

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Security Exchange Name

NASDAQ

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-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Securities Act

-Number 230

-Section 425

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