Bank First Corp SEC Filings

Bank First Corporation reported results of its 2026 Annual Meeting of Shareholders and announced changes to its Board. Director Stephen E. Johnson retired effective June 15, 2026, and shareholders elected Steven M. Eldred, Timothy J. McFarlane, and Todd A. Sprang as directors to serve until the 2029 annual meeting. The auditor ratification proposal received 7,946,631 votes for, and shareholders approved an advisory vote on executive compensation and an amendment to the Company’s Articles of Incorporation. A press release and shareholder presentation describing the board transition and meeting highlights were furnished as exhibits.

Bank First Corp executive Meghann O. Kasper, listed as Chief Credit Officer, reported her equity position in the company. The filing shows direct ownership of 6,165 shares of Bank First Corp common stock. This entry reflects her holdings rather than a new purchase or sale.

Bank First Corporation (BFC) agreed to acquire PSB Holdings, Inc. (PSB) via merger. Under the Merger Agreement dated May 19, 2026, each outstanding PSB common share will convert into 0.3470 shares of BFC common stock. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

The aggregate merger consideration may be reduced if PSB's tangible book value at closing is less than $122,837,000. PSB preferred shares will be addressed by a prior preferred-stock transaction or converted into a new BFC preferred series if necessary. The agreement includes customary covenants, a $8,117,163 termination fee in specified circumstances, a Side Letter setting December 4, 2026 as the Default Closing Date, and a potential one-time $1.00 per-share special dividend for PSB shareholders if closing is delayed under the Side Letter.

Bank First Corporation is planning a stock‑for‑stock acquisition of PSB Holdings, Inc. in a strategic bank merger. Each PSB common share will be converted into 0.3470 shares of Bank First common stock, valuing the deal at approximately $202.9 million based on Bank First’s May 18, 2026 closing price. The transaction is expected to close in the fourth quarter of 2026, subject to PSB shareholder approval, regulatory clearances, SEC effectiveness of a Form S‑4 registration statement, and other customary conditions, including tax opinions that the deal qualifies as a reorganization under Section 368(a). A side letter fixes the earliest closing date at December 4, 2026 and, if closing is delayed beyond that date for reasons not attributable to PSB, allows PSB’s board to declare a one‑time special dividend of $1.00 per common share without reducing tangible book value for deal purposes. The combined company is projected to have about $7.6 billion in assets, with management targeting roughly 14.2% EPS accretion in 2027, about 1.0% tangible book value dilution at closing, and a 0.25‑year earnback period.

Bank First Corporation reported first-quarter 2026 net income of $19.99 million, up from $18.24 million a year earlier, while diluted earnings per share were $1.78 versus $1.82 as the share count rose after a major acquisition.

On January 1, 2026, the company completed its merger with Centre 1 Bancorp, Inc., issuing 1,382,940 shares and paying total merger consideration of about $168.8 million. The deal added approximately $1.58 billion of assets and $1.48 billion of liabilities, resulting in $71.26 million of goodwill and $31.91 million of core deposit intangibles. Following the merger, total assets reached $6.07 billion, loans were $4.52 billion, and deposits were $5.09 billion as of March 31, 2026. Credit quality remained controlled with no provision for credit losses in the quarter and an allowance for credit losses on loans of $57.07 million. Regulatory capital ratios stayed comfortably above required levels, with the company’s Common Equity Tier 1 ratio at 11.38%.

Bank First Corporation is asking shareholders to vote at its June 15, 2026 annual meeting on four key items: electing three directors for three-year terms, ratifying Forvis Mazars, LLP as auditor for 2026, approving named executive officer pay on an advisory basis, and amending its Restated Articles of Incorporation.

The amendment would replace existing supermajority voting requirements for certain mergers and major asset sales with voting thresholds aligned to Wisconsin Business Corporation Law, which the Board says still provides strong shareholder protections but avoids minority blocking power and potential delays to strategic transactions. Shareholders of record at April 6, 2026, when 11,222,441 common shares were outstanding, are entitled to one vote per share and may vote by mail, phone, online, or in person.

Bank First Corp director Todd A. Sprang reported an open-market purchase of Bank First Corp common stock. On April 22, 2026, he bought 450 shares at $138.96 per share, increasing his direct holdings to 2,015 shares of common stock after the transaction.

Bank First Corp director Michael S. Stayer-Suprick bought shares of the company’s common stock in the open market. On this transaction, he purchased 225 shares at a price of $140.04 per share. After the purchase, he directly owned a total of 4,597 common shares.