Form 8-K

8-K — Bank First Corp

Accession: 0001104659-26-044352

Filed: 2026-04-16

Period: 2026-04-16

CIK: 0001746109

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2611895d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2611895d1_ex99-1.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2611895d1_8k.htm · Sequence: 1

false

0001746109

2026-04-16

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)

April 16, 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 April 16, 2026, Bank First Corporation

(the “Company”) announced its earnings for the quarter ended March 31, 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 April 16, 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: April 16, 2026

By:

/s/

Kevin LeMahieu

Kevin M. LeMahieu

Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2611895d1_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) 652-3200 / klemahieu@bankfirst.com

NEWS

release

[For Immediate Release]

Bank First Announces Net Income for the First

Quarter of 2026

· Net

income of $20.0 million and earnings per common share of $1.78 for the three months ended

March 31, 2026

· Adjusted

net income (non-GAAP) of $25.1 million and adjusted earnings per common share (non-GAAP)

of $2.24 for the three months ended March 31, 2026, after removing the impact of one-time

acquisition expenses and asset sales

· Annualized

growth in tangible book value (non-GAAP) of 9.1% during the first quarter of 2026

· Quarterly

cash dividend of $0.55 per share declared, an increase of 10.0% and 22.2% over the prior

quarter and prior-year first quarter, respectively

MANITOWOC, Wis., April 16,

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

First, N.A., reported net income of $20.0 million, or $1.78 per share, for the first quarter of 2026, compared with net income of $18.2

million, or $1.82 per share, for the prior-year first quarter. After removing the impact of $6.5 million of expenses related to the acquisition

of Centre 1 Bancorp, Inc. (“Centre”), as well as $0.2 million of net gains on the sale of certain assets, the Bank reported

adjusted net income (non-GAAP) of $25.1 million, or $2.24 per share, for the first quarter of 2026. There were no similar acquisition

expenses or gains on sale of assets during the first quarter of 2025.

“On January 1,

2026, we successfully completed our acquisition of Centre 1 Bancorp, Inc., the holding company for First National Bank and Trust,

headquartered in Beloit, Wisconsin. This acquisition marked another milestone in Bank First’s long-term growth strategy and established

our new Stateline Region. We are pleased to welcome their customers, employees, and shareholders into the Bank First family, and we are

excited to expand our capabilities by adding experienced Trust and Wealth Management, Fraud, and Treasury Management teams. The integration

of these specialized services is already enhancing our ability to deliver comprehensive financial solutions across our legacy markets,

and we are actively investing in the continued build-out of our Wealth Management platform throughout our footprint. As part of our disciplined

integration strategy, six overlapping First National Bank and Trust branches were permanently closed upon completion of the acquisition.

In addition, we are planning to build new, modern offices in Walworth, Delavan, and Monroe. These new locations will strengthen our long-term

presence in high-potential relationship markets while allowing us to consolidate and close two additional First National Bank and Trust

branches,” said Mike Molepske, Chairman and CEO of Bank First Corporation.

Operating Results

The acquisition of Centre,

an institution with $1.48 billion in assets at closing, 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 quarter of 2026.

Net interest income (“NII”)

during the first quarter of 2026 was $53.2 million, up $13.1 million from the previous quarter and up $16.7 million from the first 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 $2.7 million, or $0.19 per share after tax, during the first

quarter of 2026, compared to $0.5 million, or $0.04 per share after tax, during the previous quarter and $1.0 million, or $0.08 per share

after tax, during the first quarter of 2025. Bank First repaid $65.0 million in borrowings from the Federal Home Loan Bank (“FHLB”)

that were included in liabilities assumed from Centre during the first quarter of 2026. As a result of this repayment prior to contractual

maturity dates, $1.3 million of purchase accounting fair value adjustment related to these borrowings was recognized, reducing interest

expense (this is included in the previously mentioned $2.7 million impact of purchase accounting), and a $1.1 million prepayment penalty

was paid to the FHLB (included in other noninterest expense).

Net interest margin (“NIM”)

was 3.96% for the first quarter of 2026, compared to 4.01% for the previous quarter and 3.65% for the first quarter of 2025. NII from

purchase accounting increased NIM by 0.20%, 0.05% and 0.10% for each of these periods, respectively.

Bank First did not record

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

during the first 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 quarter of 2026 was due to a slight contraction in the

Bank’s loan portfolio during the quarter, primarily in the Bank’s new Stateline region (formerly Centre), as the Bank transitioned

out of certain balances that were not consistent with Bank First’s lending philosophy.

Noninterest income was $10.5

million for the first quarter of 2026, compared to $4.8 million for the prior quarter and $6.6 million for the first 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 first quarter of 2026. Service charge income totaled $4.7 million for the first quarter of 2026, compared to $2.3 million and

$2.0 million for the prior quarter and first quarter of 2025, respectively. Income provided by the Bank’s investment in Ansay &

Associates, LLC (“Ansay”) totaled $1.0 million, increasing from a typical seasonal fourth-quarter low of $0.3 million in the

prior quarter, but down from $1.2 million in the prior-year first quarter. Gains on sales of mortgage loans totaled $1.1 million during

the first quarter of 2026, up from $0.6 million in the prior quarter and $0.3 million in the prior-year first quarter.

Noninterest expense totaled

$39.1 million in the first quarter of 2026, compared to $22.0 million during the prior quarter and $20.6 million during the first quarter

of 2025. Expenses related to the Bank’s acquisition of Centre totaled $6.5 million during the first quarter of 2026 compared to

$0.7 million during the fourth quarter of 2025. These expenses were primarily incurred in the areas of personnel expense, outside service

fees and data processing expenses. Occupancy, equipment and office expense included a modest level of one-time items related to the Centre

acquisition but was also elevated due to new operating locations added to the Bank’s footprint as part of that acquisition. Occupancy,

equipment and office expense was elevated during the fourth quarter of 2025 due to the cost of razing and rebuilding the Bank’s

location in Denmark, Wisconsin. 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 quarter

of 2026. Conversion of Centre’s core data processing system onto Bank First’s platform is scheduled to be completed during

the second quarter of 2026. Prior to this conversion, some operational areas of the Bank have redundancies, and full realization of expected

cost savings from operational synergies will not be realized until future quarters.

Balance Sheet

Total assets were $6.07 billion

at March 31, 2026, an increase of $1.56 billion during the first quarter of 2026. As mentioned earlier, the acquisition of Centre

added approximately $1.48 billion in assets.

The carrying value of investments

at March 31, 2026 totaled $601.2 million, up from $268.1 million at December 31, 2025. The acquisition of Centre included $333.1

million of investments, causing the investment portfolio’s composition of total assets to go from 6.0% at the end of 2025 to 9.9%

at the end of the first quarter of 2026.

Total loans were $4.52 billion

at March 31, 2026, up $911.0 million from December 31, 2025. Loans included in the acquisition of Centre totaled approximately

$981.5 million. As of the end of the first quarter of 2026 these balances were reduced to $936.7 million.

Total deposits, nearly all

of which remain core deposits, were $5.09 billion at March 31, 2026, up $1.39 billion from December 31, 2025. Deposits included

in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 29.4% of the Bank’s

total deposits at March 31, 2026, after finishing 2025 at 27.1%.

Asset Quality

Nonperforming assets at March 31,

2026, totaled $30.0 million, up from $9.0 million at December 31, 2025. Other real estate owned, fully comprised of former properties

of Centre that will not be utilized by Bank First, totaled $3.2 million at March 31, 2026. Additionally, $3.5 million in nonaccrual

loans were included in the portfolio acquired from Centre. The largest contribution to the increase in nonperforming assets was a single

relationship, totaling $12.9 million, which was moved to nonaccrual status during the first quarter of 2026. While elevated, nonperforming

assets to total assets remained manageable at 0.50% as of March 31, 2026, up from 0.20% at the end of the prior quarter.

Capital Position

Stockholders’ equity

totaled $819.9 million at March 31, 2026, an increase of $176.0 million from the end of 2025. Earnings of $20.0 million were supplemented

by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $5.6

million and share repurchases totaling $2.4 million. Tangible common equity (non-GAAP) increased by $75.4 million during the first quarter

of 2026. The Bank’s book value per common share totaled $73.05 at March 31, 2026, compared to $65.47 at December 31, 2025.

Tangible book value per common share (non-GAAP) totaled $47.04 at March 31, 2026, compared to $46.01 at December 31, 2025. The

Centre acquisition was slightly accretive to tangible book value at closing.

Dividend Declaration

Bank First’s Board of

Directors approved a quarterly cash dividend of $0.55 per common share, payable on July 8, 2026, to shareholders of record as of

June 24, 2026. This dividend represents an increase of $0.05 and $0.10 per share, or 10.0% and 22.2%, from the dividend declared

during the prior quarter and prior-year first 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 546 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)

At or for the Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Results of Operations:

Interest income

$ 73,605

$ 56,636

$ 55,456

$ 54,575

$ 55,048

Interest expense

20,389

16,470

17,203

17,873

18,511

Net interest income

53,216

40,166

38,253

36,702

36,537

Provision for credit losses

650

200

400

Net interest income after provision for credit losses

53,216

40,166

37,603

36,502

36,137

Noninterest income

10,532

4,758

5,953

4,921

6,588

Noninterest expense

39,056

22,012

21,086

20,756

20,604

Income before income tax expense

24,692

22,912

22,470

20,667

22,121

Income tax expense

4,704

4,522

4,480

3,792

3,880

Net income

$ 19,988

$ 18,390

$ 17,990

$ 16,875

$ 18,241

Earnings per Common Share (Basic and Diluted)

$ 1.78

$ 1.87

$ 1.83

$ 1.71

$ 1.82

Common Shares:

Outstanding

11,222,442

9,834,623

9,834,083

9,833,476

9,973,276

Weighted average outstanding for the period

11,215,545

9,834,567

9,834,002

9,901,391

10,001,009

Noninterest Income / Noninterest Expense:

Trust and wealth management

$ 1,575

$ 26

$ 14

$ 16

$ 17

Service charges

4,690

2,255

2,106

2,053

2,011

Income from Ansay

975

267

1,314

1,153

1,181

Loan servicing income

955

747

736

733

732

Valuation adjustment on mortgage servicing rights

(45 )

250

(99 )

175

Net gain on sales of mortgage loans

1,076

649

482

338

334

Other noninterest income

1,180

859

1,051

727

2,138

Total noninterest income

$ 10,532

$ 4,758

$ 5,953

$ 4,921

$ 6,588

Personnel expense

$ 21,789

$ 10,565

$ 10,498

$ 10,427

$ 10,985

Occupancy, equipment and office

2,556

2,769

1,567

1,922

1,591

Data processing

3,410

2,685

2,506

2,620

2,444

Postage, stationery and supplies

439

309

165

259

217

Advertising

(28 )

Charitable contributions

240

143

274

476

Outside service fees

2,400

1,490

1,818

1,135

788

Federal deposit insurance

716

510

540

630

Net gain on other real estate owned

(191 )

(159 )

Net loss on sales of securities

Amortization of intangibles

2,572

1,204

1,228

1,273

1,298

Other noninterest expense

5,011

2,429

2,543

2,314

2,110

Total noninterest expense

$ 39,056

$ 22,012

$ 21,086

$ 20,756

$ 20,604

Period-end Balances:

Cash and cash equivalents

$ 398,638

$ 243,207

$ 126,184

$ 120,328

$ 300,865

Securities available-for-sale, at fair value

483,235

164,422

167,125

167,209

163,743

Securities held-to-maturity, at cost

117,929

103,726

106,823

109,854

110,241

Loans

4,515,626

3,604,651

3,629,663

3,580,357

3,548,070

Allowance for credit losses - loans

(57,067 )

(44,374 )

(44,501 )

(44,292 )

(43,749 )

Premises and equipment, net

93,140

79,217

78,027

75,667

72,670

Goodwill and core deposit intangible, net

291,908

191,306

192,510

193,738

195,011

Mortgage servicing rights

17,484

13,650

13,696

13,445

13,544

Other assets

208,121

150,290

150,884

148,776

144,670

Total assets

6,069,014

4,506,095

4,420,411

4,365,082

4,505,065

Deposits

Interest-bearing

3,589,919

2,692,711

2,539,476

2,605,397

2,666,693

Noninterest-bearing

1,496,897

1,003,076

999,285

990,027

1,007,525

Borrowings

124,845

121,966

221,941

121,915

146,890

Other liabilities

37,500

44,506

31,584

35,410

35,543

Total liabilities

5,249,161

3,862,259

3,792,286

3,752,749

3,856,651

Stockholders' equity

819,853

643,836

628,125

612,333

648,414

Book value per common share

$ 73.05

$ 65.47

$ 63.87

$ 62.27

$ 65.02

Tangible book value per common share (non-GAAP)

$ 47.04

$ 46.01

$ 44.30

$ 42.57

$ 45.46

Average Balances:

Loans

$ 4,560,355

$ 3,615,930

$ 3,600,259

$ 3,560,945

$ 3,541,995

Interest-earning assets

5,489,866

4,019,999

3,948,304

4,006,981

4,100,846

Goodwill and other intangibles, net

292,757

192,061

193,250

194,503

195,752

Total assets

6,052,695

4,421,837

4,350,555

4,407,112

4,498,891

Deposits

5,043,273

3,602,826

3,573,341

3,596,755

3,672,039

Interest-bearing liabilities

3,750,264

2,732,417

2,709,808

2,762,544

2,837,182

Stockholders' equity

801,987

636,418

620,153

623,861

645,708

Bank First Corporation

Consolidated Financial Summary (Unaudited)

(In thousands, except share and per share data)

At or for the Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Financial Ratios:

Return on average assets *

1.34 %

1.65 %

1.64 %

1.54 %

1.64 %

Return on average common equity *

10.11 %

11.46 %

11.51 %

10.85 %

11.46 %

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

15.57 %

16.42 %

16.72 %

15.76 %

16.44 %

Average equity to average assets

13.25 %

14.39 %

14.25 %

14.16 %

14.35 %

Stockholders' equity to assets

13.51 %

14.29 %

14.21 %

14.03 %

14.39 %

Tangible equity to tangible assets (non-GAAP)

9.14 %

10.49 %

10.30 %

10.04 %

10.52 %

Net interest margin, taxable equivalent *

3.96 %

4.01 %

3.88 %

3.72 %

3.65 %

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

0.01 %

0.00 %

0.09 %

Nonperforming loans to total loans

0.59 %

0.25 %

0.38 %

0.19 %

Nonperforming assets to total assets

0.50 %

0.20 %

0.31 %

0.17 %

Allowance for credit losses - loans to total loans

1.26 %

1.23 %

1.24 %

1.23 %

Loan Portfolio Composition:

Commercial/industrial

$ 823,824

$ 647,086

$ 654,452

$ 628,527

$ 507,850

Commercial real estate - owner occupied

1,133,042

880,723

861,650

841,749

973,578

Commercial real estate - non-owner occupied

660,359

492,525

510,535

518,636

460,077

Multi-family

456,366

402,053

372,031

377,218

355,003

Construction and development

259,365

215,518

262,439

249,857

278,475

Residential 1-4 family

1,101,515

894,979

897,518

891,685

903,280

Consumer and other

81,155

71,767

71,038

72,685

69,807

Total

$ 4,515,626

$ 3,604,651

$ 3,629,663

$ 3,580,357

$ 3,548,070

Share Repurchases:

Total number of shares repurchased

16,000

143,720

61,882

Total dollar of shares repurchased

$ 2,376

$ -

$ 15,622

$ 6,381

Non-GAAP Financial Measures:

Adjusted net income reconciliation

Net income (GAAP)

$ 19,988

$ 18,390

$ 17,990

$ 16,875

$ 18,241

Acquisition related expenses

6,528

663

862

Loss on razing of branch building

879

Gains on sales of securities and OREO valuations

(160 )

(159 )

Adjusted net income before income tax impact

26,356

19,932

18,852

16,716

18,241

Income tax impact of adjustments

(1,274 )

(307 )

(74 )

Adjusted net income (non-GAAP)

$ 25,082

$ 19,625

$ 18,778

$ 16,749

$ 18,241

Adjusted earnings per share calculation

Adjusted net income (non-GAAP)

$ 25,082

$ 19,625

$ 18,778

$ 16,749

$ 18,241

Weighted average common shares outstanding for the period

11,215,545

9,834,567

9,834,002

9,901,391

10,001,009

Adjusted earnings per share (non-GAAP)

$ 2.24

$ 2.00

$ 1.91

$ 1.69

$ 1.82

Annualized return of adjusted earnings on average assets calculation

Adjusted net income (non-GAAP)

$ 25,082

$ 19,625

$ 18,778

$ 16,749

$ 18,241

Average total assets

$ 6,052,695

$ 4,421,837

$ 4,350,555

$ 4,407,112

$ 4,498,891

Annualized return of adjusted earnings on average assets (non-GAAP)

1.64 %

1.76 %

1.71 %

1.52 %

1.64 %

Average tangible common equity reconciliation

Total average stockholders’ equity (GAAP)

$ 801,987

$ 636,418

$ 620,153

$ 623,861

$ 645,708

Average goodwill

(246,370 )

(175,106 )

Average core deposit intangible, net of amortization

(46,387 )

(16,955 )

(18,144 )

(19,397 )

(20,646 )

Average tangible common equity (non-GAAP)

$ 509,230

$ 444,357

$ 426,903

$ 429,358

$ 449,956

Return on average tangible common equity calculation*

Average tangible common equity (non-GAAP)

$ 509,230

$ 444,357

$ 426,903

$ 429,358

$ 449,956

Net income

$ 19,988

$ 18,390

$ 17,990

$ 16,875

$ 18,241

Return on average tangible common equity*

15.57 %

16.42 %

16.72 %

15.76 %

16.44 %

Tangible assets reconciliation

Total assets (GAAP)

$ 6,069,014

$ 4,506,095

$ 4,420,411

$ 4,365,082

$ 4,505,065

Goodwill

(246,370 )

(175,106 )

Core deposit intangible, net of amortization

(45,538 )

(16,200 )

(17,404 )

(18,632 )

(19,905 )

Tangible assets (non-GAAP)

$ 5,777,106

$ 4,314,789

$ 4,227,901

$ 4,171,344

$ 4,310,054

Tangible common equity reconciliation

Total stockholders’ equity (GAAP)

$ 819,853

$ 643,836

$ 628,125

$ 612,333

$ 648,414

Goodwill

(246,370 )

(175,106 )

Core deposit intangible, net of amortization

(45,538 )

(16,200 )

(17,404 )

(18,632 )

(19,905 )

Tangible common equity (non-GAAP)

$ 527,945

$ 452,530

$ 435,615

$ 418,595

$ 453,403

Tangible book value per common share calculation

Tangible common equity (non-GAAP)

$ 527,945

$ 452,530

$ 435,615

$ 418,595

$ 453,403

Common shares outstanding at the end of the period

11,222,442

9,834,623

9,834,083

9,833,476

9,973,276

Tangible book value per common share (non-GAAP)

$ 47.04

$ 46.01

$ 44.30

$ 42.57

$ 45.46

Tangible equity to tangible assets calculation

Tangible common equity (non-GAAP)

$ 527,945

$ 452,530

$ 435,615

$ 418,595

$ 453,403

Tangible assets (non-GAAP)

$ 5,777,106

$ 4,314,789

$ 4,227,901

$ 4,171,344

$ 4,310,054

Tangible equity to tangible assets (non-GAAP)

9.14 %

10.49 %

10.30 %

10.04 %

10.52 %

* 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

March 31, 2026

March 31, 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

$ 4,427,935

256,839

5.80 %

$ 3,410,262

$ 194,219

5.70 %

Tax-exempt

132,420

6,378

4.82 %

131,733

6,887

5.23 %

Securities

Taxable (available for sale)

502,318

20,864

4.15 %

180,322

7,963

4.42 %

Tax-exempt (available for sale)

36,196

1,304

3.60 %

32,697

1,149

3.51 %

Taxable (held to maturity)

102,506

4,195

4.09 %

107,641

4,267

3.96 %

Tax-exempt (held to maturity)

4,507

119

2.64 %

3,196

2.66 %

Cash and due from banks

283,984

10,447

3.68 %

234,995

10,386

4.42 %

Total interest-earning assets

5,489,866

300,146

5.47 %

4,100,846

224,956

5.49 %

Noninterest-earning assets

618,184

442,262

Allowance for credit losses - loans

(55,355 )

(44,217 )

Total assets

$ 6,052,695

$ 4,498,891

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits

Checking accounts

$ 724,221

$ 17,833

2.46 %

$ 516,658

$ 12,760

2.47 %

Savings accounts

1,114,331

14,133

1.27 %

831,083

12,066

1.45 %

Money market accounts

938,689

19,806

2.11 %

683,446

16,685

2.44 %

Certificates of deposit

813,281

28,941

3.56 %

638,937

26,019

4.07 %

Brokered Deposits

15,114

597

3.95 %

20,092

815

4.06 %

Total interest-bearing deposits

3,605,636

81,310

2.26 %

2,690,216

68,345

2.54 %

Other borrowed funds

144,628

1,378

0.95 %

146,966

6,729

4.58 %

Total interest-bearing liabilities

3,750,264

82,688

2.20 %

2,837,182

75,074

2.65 %

Noninterest-bearing liabilities

Demand Deposits

1,437,637

981,823

Other liabilities

62,807

34,178

Total Liabilities

5,250,708

3,853,183

Shareholders' equity

801,987

645,708

Total liabilities & shareholders' equity

$ 6,052,695

$ 4,498,891

Net interest income on a fully taxable

equivalent basis

217,458

149,882

Less taxable equivalent adjustment

(1,638 )

(1,705 )

Net interest income

$ 215,820

$ 148,177

Net interest spread (3)

3.26 %

2.84 %

Net interest margin (4)

3.96 %

3.65 %

(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.

GRAPHIC

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Apr. 16, 2026

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Bank First Corporation

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Entity Address, Address Line One

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