Bank First Q3 2026 earnings rise to $23.8M

The quarterly cash dividend rises to $0.65 per common share, with payment set for January 6, 2027.

Rhea-AI Filing Summary

Bank First Corporation reported third-quarter 2026 net income of $23.8 million, or $2.15 per share, compared with $18.0 million and $1.83 per share a year earlier. Adjusted net income, a non-GAAP measure excluding acquisition-related expenses and one-time net gains on asset sales, was $26.1 million, or $2.35 per share, versus $18.8 million and $1.91 per share. Net interest margin was 4.07%, compared with 3.88% in the third quarter of 2025.

The Centre acquisition added approximately $1.48 billion in assets at closing on January 1, 2026, increasing Bank First’s total assets by 33%; the planned Peoples acquisition is for December 4, 2026. At September 30, assets were $5.95 billion, loans $4.60 billion and deposits $5.00 billion. Nonperforming assets totaled $29.6 million, or 0.50% of assets, compared with 0.31% a year earlier. The board approved a $0.65 quarterly cash dividend, up $0.05 from the prior quarter, payable January 6, 2027, to shareholders of record December 23, 2026.

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Positive

• Moderate pointThird-quarter net income: $23.8 million, versus $18.0 million a year earlier.
• Minor pointQuarterly dividend increased to $0.65 per share, up $0.05.

Negative

• None.

Filing Explained

Excluding purchase-accounting effects, third-quarter net interest margin was 3.91 percent, versus the reported 4.07 percent.

The 8-K reports completed third-quarter results; at September 30, 2026, Bank First reported $79.8 million in borrowings, down from $206.9 million on January 1, 2026, after maturities and selective prepayments.

Purchase-accounting accretion and amortization from Centre and earlier acquisitions added $2.2 million to third-quarter net interest income and 0.16% to reported net interest margin.

Acquisition-related expenses for Centre and Peoples were $2.7 million in the quarter; the company said expected cost savings began during the quarter, with full realization anticipated in future quarters.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income: $23.8 million; $18.0 million in third-quarter 2025 Earnings per share: $2.15 per share; $1.83 per share in third-quarter 2025 Adjusted net income (non-GAAP): $26.1 million; $18.8 million in third-quarter 2025 +5 more

8 metrics

Net income $23.8 million; $18.0 million in third-quarter 2025 Third quarter of 2026; GAAP

Earnings per share $2.15 per share; $1.83 per share in third-quarter 2025 Third quarter of 2026

Adjusted net income (non-GAAP) $26.1 million; $18.8 million in third-quarter 2025 Third quarter of 2026

Net interest margin 4.07%; 3.88% in third-quarter 2025 Third quarter of 2026

Total assets $5.95 billion September 30, 2026

Nonperforming assets to total assets 0.50%; 0.31% on September 30, 2025 September 30, 2026

Quarterly cash dividend $0.65 per common share Approved for payment January 6, 2027

Borrowings $79.8 million; $206.9 million on January 1, 2026 September 30, 2026

Key Terms

purchase accounting, net interest margin, nonperforming assets, core deposit intangible

4 terms

purchase accounting financial

"net accretion and amortization of purchase accounting"

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

net interest margin financial

"Net interest margin (“NIM”) was 4.07%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

nonperforming assets financial

"Nonperforming assets on September 30, 2026"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

core deposit intangible financial

"created a core deposit intangible asset of $31.9 million"

Core deposit intangible is an accounting asset that represents the value of customer deposits a bank gains, usually through an acquisition, because those deposits provide a stable, low-cost source of funding. Think of it like paying for a loyal customer list that will save the bank money over time; it is written down over several years and affects reported earnings and the apparent cost of acquiring new funds, so investors watch it to understand future profitability and capital impact.

Earnings Snapshot

Net income: $23.8 million

Third quarter of 2026

Net income $23.8 million Compared with $18.0 million in the third quarter of 2025

Earnings per share $2.15 per share Compared with $1.83 per share in the third quarter of 2025

Adjusted net income (non-GAAP) $26.1 million Compared with $18.8 million in the third quarter of 2025

Net interest margin 4.07% Compared with 3.88% in the third quarter of 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did BFC earn in the third quarter of 2026?

Bank First reported net income of $23.8 million, or $2.15 per share, for the third quarter of 2026. In the prior-year third quarter, net income was $18.0 million, or $1.83 per share.

What dividend did BFC declare, and when is it payable?

Bank First approved a $0.65 quarterly cash dividend per common share, payable January 6, 2027, to shareholders of record December 23, 2026. The amount is up $0.05 per share from the prior-quarter dividend.

How much were Bank First's borrowings in September 2026?

Bank First reported borrowings of $79.8 million on September 30, 2026, compared with $206.9 million on January 1, 2026, after the Centre acquisition. The company said the reduction came through normal maturities that were not renewed and selective prepayments of borrowings with negative carrying spreads to yields on on-balance-sheet liquidity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/20/2026 - 04:02 PM EDT Accepted by SEC EDGAR 10/20/2026 - 04:01 PM EDT Learn about SEC filing dates

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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)   October 20, 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 October 20, 2026, Bank First Corporation (the “Company”) announced its earnings for the quarter ended September 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 October 20, 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: October 20, 2026	By:	/s/ Kevin M. LeMahieu
		Kevin M. LeMahieu
		Chief Financial Officer

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 Third Quarter of 2026

· Net income of $23.8 million and $68.5 million for the three and nine months ended September 30, 2026, respectively

· Earnings per common share of $2.15 and $6.14 for the three and nine months ended September 30, 2026, respectively

· Adjusted net income (non-GAAP) of $26.1 million and $78.5 million and adjusted earnings per common share (non-GAAP) of $2.35 and $7.04 for the three and nine months ended September 30, 2026, respectively, after removing the impact of acquisition expenses and certain asset sales

· Quarterly cash dividend of $0.65 per share declared, an increase of 8.3% and 44.4% over the prior quarter and prior-year third quarter, respectively

MANITOWOC, Wis., October 20, 2026 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $23.8 million, or $2.15 per share, for the third quarter of 2026 (“26Q3”), compared with net income of $18.0 million, or $1.83 per share, for the prior-year third quarter (“25Q3”). For the nine months ended September 30, 2026 (“26YTD”), Bank First earned $68.5 million, or $6.14 per share, compared to $53.1 million, or $5.36 per share for the same period in 2025 (“25YTD”). 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 $26.1 million, or $2.35 per share, and $78.5 million, or $7.04 per share, for 26Q3 and 26YTD, respectively. Adjusted net income (non-GAAP) was $18.8 million, or $1.91 per share, and $53.8 million, or $5.42 per share, for 25Q3 and 25YTD, respectively.

“During the most recent quarter, we made meaningful progress toward our planned December 4, 2026 acquisition of Peoples while adding experienced leaders to support our continued organic growth,” stated Mike Molepske, Chairman and CEO of Bank First. “At a recent cultural orientation meeting, we were pleased to see the enthusiasm and engagement of Peoples employees who will be joining Bank First. Their warm welcome reflects the positive response we have also received from customers and shareholders of Peoples, who recognize the opportunities this merger will create through expanded retail products, enhanced trust and wealth management services, more sophisticated treasury management tools, and greater lending capacity.”

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 Bank First’s results for 26Q3 and 26YTD, as well as comparability to 25Q3 and 25YTD.

Net interest income (“NII”) during 26Q3 was $55.2 million, up $0.2 million from the previous quarter (“26Q2”) and up $17.0 million from 25Q3. 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 $2.2 million, or $0.16 per share after tax, during 26Q3, compared to $3.6 million, or $0.25 per share after tax, during 26Q2 and $0.7 million, or $0.06 per share after tax, during 25Q3.

Net interest margin (“NIM”) was 4.07% for 26Q3, compared to 4.13% for 26Q2 and 3.88% for 25Q3. NII from purchase accounting increased NIM by 0.16%, 0.27% and 0.07% for each of these periods, respectively. After removing the impact of purchase accounting, each sequential quarter of 2026 has exhibited higher yields on interest-earning assets (5.35% for the first quarter of 2026 (“26Q1”), 5.39% for 26Q2, 5.42% for 26Q3), lower crediting rates on interest-bearing liabilities (2.38% for 26Q1, 2.29% for 26Q2, 2.26% for 26Q3), and higher overall NIM (3.76% for 26Q1, 3.86% for 26Q2, 3.91% for 26Q3).

Bank First recorded a provision for credit losses totaling $0.8 million in 26Q3, slightly higher than the $0.7 million provision recorded during the 25Q3. The Bank did not record a provision for credit losses during 26Q2. 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 as loan production in legacy markets was offset by contraction in the Bank’s new Stateline region (formerly Centre), as the Bank transitioned out of certain acquired loans that were not consistent with Bank First’s lending philosophy. The provision recorded during 26Q3 was the result of growth in the Bank’s loan portfolio, as detailed later in this release.

Noninterest income was $10.1 million for 26Q3, compared to $10.0 million for 26Q2 and $6.0 million for 25Q3. Trust and Wealth Management income, a new business line for Bank First resulting from the Centre acquisition, remained a consistently strong contributor to noninterest income, producing $1.6 million in noninterest income during each quarter of 2026. Prior to the acquisition of Centre, minimal wealth management income was produced through referral agreements with partner firms. Service charge income totaled $4.1 million for 26Q3, compared to $4.1 million and $2.1 million for 26Q2 and 25Q3, respectively. Consumer behavior in the new Stateline region has driven a significant increase in service charge income during 2026, producing $12.9 million in revenue for 26YTD compared to $6.2 million for 25YTD. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) totaled $0.8 million for 26Q3, compared to $0.9 million and $1.3 million for 26Q2 and 25Q3, 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 $2.3 million for 26YTD compared to $1.2 million for 25YTD as the Bank has produced strong results in retail lending in a challenging higher-rate environment. The increasing interest rate environment over the last twelve months has led to a $1.5 million positive valuation adjustment to the Bank’s mortgage servicing rights in 26YTD, compared to a $0.3 million positive valuation adjustment during 25YTD. 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 $34.7 million in 26Q3, compared to $34.4 million during 26Q2 and $21.1 million during 25Q3. Expenses related to the Bank’s acquisitions of Centre and Peoples totaled $2.7 million during 26Q3 compared to $3.3 million during 26Q2 and $0.9 million during 25Q3. These expenses were distributed in the areas of personnel expense (primarily 26Q2), outside service fees (all three quarters) and data processing expenses (primarily 26Q3). Conversion of Centre’s core data processing system onto Bank First’s platform occurred during the second quarter of 2026. Prior to this conversion, and continuing into 26Q3, 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 began during 26Q3 and are anticipated to be fully realized during future quarters. While personnel expense declined from $16.8 million in 26Q2 to $15.8 million in 26Q3, severance costs during 26Q2 totaling $1.3 million from the Centre acquisition mask a quarter-over-quarter increase in ongoing personnel costs as the Bank added several senior individuals in preparation of both the Peoples acquisition and future organic and acquisitive growth. The acquisition of Centre created a core deposit intangible asset of $31.9 million. Amortization related to this intangible asset, which the Bank will amortize over the next 10 years, led to the elevated amortization expense during 26YTD.

“We believe investing in people is essential to Bank First’s continued success. In anticipation of our Northcentral Region, which the acquisition of Peoples will create, we hired a new Regional President who brings extensive experience in the Wausau market. We also hired a Chief Retail Officer with substantial previous experience at two national banks. Together with several other key hires in recent quarters, these investments in our people deepen our expertise, strengthen our ability to serve customers, and build the leadership capacity to sustain our growth as we prepare to surpass $10 billion in assets,” stated Molepske.

Balance Sheet

Total assets were $5.95 billion on September 30, 2026, an increase of $1.44 billion from December 31, 2025, and up $1.53 billion from September 30, 2025. The acquisition of Centre added approximately $1.48 billion in assets on January 1, 2026.

The carrying value of investments on September 30, 2026, totaled $588.3 million, up $320.1 million from December 31, 2025, and $314.3 million from September 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 9.9% at the end of the third quarter of 2026.

Total loans were $4.60 billion on September 30, 2026, up $991.2 million from December 31, 2025, and $966.2 million from September 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 during 2026. Total loans grew by a 6.6% annualized pace during 26Q3.

Total deposits, nearly all of which remain core deposits, were $5.00 billion on September 30, 2026, up $1.31 billion from December 31, 2025, and $1.46 billion from September 30, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 29.7% of the Bank’s total deposits on September 30, 2026, after finishing 2025 at 27.1%.

As of January 1, 2026, after the acquisition of Centre, the Bank had outstanding borrowings totaling $206.9 million. The Bank’s strong liquidity position has allowed it to reduce this balance to $79.8 million on September 30, 2026. This reduction was accomplished through normal maturities on borrowings which were not renewed, as well as selective prepayments of borrowings that had negative carrying spreads to yields earned on the Bank’s on-balance sheet liquidity.

Asset Quality

Nonperforming assets on September 30, 2026, totaled $29.6 million, up $1.8 million from the end of the previous quarter and up $15.8 million from September 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 September 30, 2026. Loans currently in nonaccrual status remain concentrated in a few 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 0.50% as of September 30, 2026, up slightly from 0.47% at the end of the prior quarter and 0.31% on September 30, 2025.

Capital Position

Stockholders’ equity totaled $826.4 million on September 30, 2026, an increase of $182.6 million from the end of 2025. Earnings of $68.5 million for 26YTD was supplemented by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $18.4 million and share repurchases totaling $23.9 million during 26YTD. The Bank’s book value per common share totaled $74.57 on September 30, 2026, compared to $65.47 on December 31, 2025. Tangible book value per common share (non-GAAP) totaled $48.83 on September 30, 2026, compared to $46.01 on December 31, 2025.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.65 per common share, payable on January 6, 2027, to shareholders of record as of December 23, 2026. This dividend represents an increase of $0.05 and $0.20 per share, or 8.3% and 44.4%, from the dividend declared during the prior quarter and prior-year third 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 509 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																				At or for the Nine Months Ended
		9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025				9/30/2026				9/30/2025
Results of Operations:
Interest income		$	75,988			$	75,719			$	73,605			$	56,636			$	55,456			$	225,312			$	165,079
Interest expense			20,770				20,686				20,389				16,470				17,203				61,845				53,587
Net interest income			55,218				55,033				53,216				40,166				38,253				163,467				111,492
Provision for credit losses			750				-				-				-				650				750				1,250
Net interest income after provision for credit losses			54,468				55,033				53,216				40,166				37,603				162,717				110,242
Noninterest income			10,111				10,002				10,532				4,758				5,953				30,645				17,462
Noninterest expense			34,679				34,400				39,056				22,012				21,086				108,135				62,446
Income before income tax expense			29,900				30,635				24,692				22,912				22,470				85,227				65,258
Income tax expense			6,091				5,944				4,704				4,522				4,480				16,739				12,152
Net income		$	23,809			$	24,691			$	19,988			$	18,390			$	17,990			$	68,488			$	53,106
Earnings per Common Share (Basic and Diluted)		$	2.15			$	2.21			$	1.78			$	1.87			$	1.83			$	6.14			$	5.36
Common Shares:
Outstanding			11,083,124				11,079,310				11,222,442				9,834,623				9,834,083				11,083,124				9,834,083
Weighted average outstanding for the period			11,083,897				11,149,885				11,215,545				9,834,567				9,834,002				11,150,043				9,911,522
Noninterest Income / Noninterest Expense:
Trust and wealth management		$	1,606			$	1,620			$	1,575			$	26			$	14			$	4,801			$	47
Service charges			4,100				4,102				4,690				2,255				2,106				12,892				6,170
Income from Ansay			750				866				975				267				1,314				2,591				3,648
Loan servicing income			973				954				955				747				736				2,882				2,201
Valuation adjustment on mortgage servicing rights			852				534				82				(45	)			250				1,468				326
Net gain on sales of mortgage loans			558				661				1,076				649				482				2,295				1,154
Other noninterest income			1,272				1,265				1,179				859				1,051				3,716				3,916
Total noninterest income		$	10,111			$	10,002			$	10,532			$	4,758			$	5,953			$	30,645			$	17,462
Personnel expense		$	15,760			$	16,822			$	21,789			$	10,565			$	10,498			$	54,371			$	31,910
Occupancy, equipment and office			2,691				2,639				2,556				2,769				1,567				7,886				5,080
Data processing			5,432				4,045				3,410				2,685				2,506				12,887				7,570
Postage, stationery and supplies			456				843				439				309				165				1,738				641
Advertising and public relations			485				569				602				247				360				1,656				1,387
Outside service fees			2,766				1,990				2,400				1,490				1,818				7,156				3,741
Federal deposit insurance			900				849				716				510				540				2,465				1,800
Net gain on other real estate owned			-				(28	)			(191	)			-				-				(219	)			(159	)
Net loss on sales of securities			-				-				31				-				-				31				-
Amortization of intangibles			2,501				2,547				2,572				1,204				1,228				7,620				3,799
Other noninterest expense			3,688				4,124				4,732				2,233				2,404				12,544				6,677
Total noninterest expense		$	34,679			$	34,400			$	39,056			$	22,012			$	21,086			$	108,135			$	62,446
Period-end Balances:
Cash and cash equivalents		$	212,222			$	266,523			$	398,638			$	243,207			$	126,184			$	212,222			$	126,184
Securities available-for-sale, at fair value			455,398				494,571				483,235				164,422				167,125				455,398				167,125
Securities held-to-maturity, at cost			132,892				114,061				117,929				103,726				106,823				132,892				106,823
Loans			4,595,886				4,521,687				4,515,626				3,604,651				3,629,663				4,595,886				3,629,663
Allowance for credit losses - loans			(56,828	)			(56,029	)			(57,067	)			(44,374	)			(44,501	)			(56,828	)			(44,501	)
Premises and equipment, net			97,805				96,066				93,140				79,217				78,027				97,805				78,027
Goodwill and core deposit intangible, net			285,215				288,342				291,908				191,306				192,510				285,215				192,510
Mortgage servicing rights			18,870				18,019				17,484				13,650				13,696				18,870				13,696
Other assets			206,052				204,272				208,120				150,290				150,884				206,052				150,884
Total assets			5,947,512				5,947,512				6,069,013				4,506,095				4,420,411				5,947,512				4,420,411
Deposits
Interest-bearing			3,517,397				3,489,250				3,589,919				2,692,711				2,539,476				3,517,397				2,539,476
Noninterest-bearing			1,484,426				1,498,332				1,496,897				1,003,076				999,285				1,484,426				999,285
Borrowings			79,839				104,846				124,845				121,966				221,941				79,839				221,941
Other liabilities			39,412				35,774				37,499				44,506				31,584				39,412				31,584
Total liabilities			5,121,074				5,128,202				5,249,160				3,862,259				3,792,286				5,121,074				3,792,286
Stockholders' equity			826,438				819,310				819,853				643,836				628,125				826,438				628,125
Book value per common share		$	74.57			$	73.95			$	73.05			$	65.47			$	63.87			$	74.57			$	63.87
Tangible book value per common share (non-GAAP)		$	48.83			$	47.92			$	47.04			$	46.01			$	44.30			$	48.83			$	44.30
Average Balances:
Loans		$	4,555,239			$	4,514,298			$	4,560,355			$	3,615,930			$	3,600,259			$	4,543,278			$	3,567,946
Interest-earning assets			5,425,749				5,388,799				5,489,866				4,019,999				3,948,304				5,434,569				4,018,150
Goodwill and other intangibles, net			286,910				290,473				292,757				192,061				193,250				282,694				194,493
Total assets			6,007,709				5,966,393				6,052,695				4,421,837				4,350,555				6,009,305				4,418,310
Deposits			5,043,021				4,983,283				5,043,273				3,602,826				3,573,341				5,023,190				3,613,685
Interest-bearing liabilities			3,639,299				3,608,897				3,750,264				2,732,417				2,709,808				3,638,429				2,769,379
Stockholders' equity			826,208				819,933				801,987				636,418				620,153				816,131				629,813

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 Nine Months Ended
		9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025				9/30/2026				9/30/2025
Financial Ratios:
Return on average assets *			1.57	%			1.66	%			1.34	%			1.65	%			1.64	%			1.52	%			1.61	%
Return on average common equity *			11.43	%			12.08	%			10.11	%			11.46	%			11.51	%			11.22	%			11.27	%
Return on average tangible common equity (non-GAAP)*			17.71	%			18.70	%			15.92	%			16.42	%			16.72	%			17.17	%			16.31	%
Average equity to average assets			13.75	%			13.74	%			13.25	%			14.39	%			14.25	%			13.58	%			14.25	%
Stockholders' equity to assets			13.90	%			13.78	%			13.51	%			14.29	%			14.21	%			13.90	%			14.21	%
Tangible equity to tangible assets (non-GAAP)			9.56	%			9.38	%			9.14	%			10.49	%			10.30	%			9.56	%			10.30	%
Net interest margin, taxable equivalent *			4.07	%			4.13	%			3.96	%			4.01	%			3.88	%			4.05	%			3.75	%
Net loan charge-offs (recoveries) to average loans *			0.02	%			0.09	%			0.01	%			0.01	%			0.00	%			0.04	%			0.03	%
Nonperforming loans to total loans			0.59	%			0.56	%			0.60	%			0.25	%			0.38	%			0.59	%			0.38	%
Nonperforming assets to total assets			0.50	%			0.47	%			0.50	%			0.20	%			0.31	%			0.50	%			0.31	%
Allowance for credit losses - loans to total loans			1.24	%			1.24	%			1.26	%			1.23	%			1.23	%			1.24	%			1.23	%
Loan Portfolio Composition:
Commercial/industrial		$	871,272			$	848,605			$	823,824			$	647,086			$	654,452			$	871,272			$	654,452
Commercial real estate - owner occupied			1,106,629				1,094,282				1,133,042				880,723				861,650				1,106,629				861,650
Commercial real estate - non-owner occupied			694,654				705,370				660,359				492,525				510,535				694,654				510,535
Multi-family			477,970				451,853				456,366				402,053				372,031				477,970				372,031
Construction and development			238,135				241,933				259,365				215,518				262,439				238,135				262,439
Residential 1-4 family			1,130,864				1,099,348				1,101,515				894,979				897,518				1,130,864				897,518
Consumer and other			76,362				80,296				81,155				71,767				71,038				76,362				71,038
Total		$	4,595,886			$	4,521,687			$	4,515,626			$	3,604,651			$	3,629,663			$	4,595,886			$	3,629,663
Share Repurchases:
Total number of shares repurchased			7,847				144,000				16,000				-				-				167,847				205,602
Total dollar of shares repurchased		$	1,112			$	20,364			$	2,376			$	-			$	-			$	23,852			$	22,003
Non-GAAP Financial Measures:
Adjusted net income reconciliation
Net income (GAAP)		$	23,809			$	24,691			$	19,988			$	18,390			$	17,990			$	68,488			$	53,106
Acquisition related expenses			2,701				3,311				6,528				663				862				12,540				862
Loss on razing of branch building			-				-				-				879				-				-				-
Gains on sales of securities and OREO valuations			-				(28	)			(160	)			-				-				(188	)			(159	)
Adjusted net income before income tax impact			26,510				27,974				26,356				19,932				18,852				80,840				53,809
Income tax impact of adjustments			(448	)			(656	)			(1,274	)			(307	)			(74	)			(2,378	)			(41	)
Adjusted net income (non-GAAP)		$	26,062			$	27,318			$	25,082			$	19,625			$	18,778			$	78,462			$	53,768
Adjusted earnings per share calculation
Adjusted net income (non-GAAP)		$	26,062			$	27,318			$	25,082			$	19,625			$	18,778			$	78,462			$	53,768
Weighted average common shares outstanding for the period			11,083,897				11,149,885				11,215,545				9,834,567				9,834,002				11,150,043				9,911,522
Adjusted earnings per share (non-GAAP)		$	2.35			$	2.45			$	2.24			$	2.00			$	1.91			$	7.04			$	5.42
Annualized return of adjusted earnings on average assets calculation
Adjusted net income (non-GAAP)		$	26,062			$	27,318			$	25,082			$	19,625			$	18,778			$	78,462			$	53,768
Average total assets		$	6,007,709			$	5,966,393			$	6,052,695			$	4,421,837			$	4,350,555			$	6,009,305			$	4,418,310
Annualized return of adjusted earnings on average assets (non-GAAP)			1.72	%			1.84	%			1.64	%			1.76	%			1.71	%			1.75	%			1.63	%
Average tangible common equity reconciliation
Total average stockholders’ equity (GAAP)		$	826,208			$	819,933			$	801,987			$	636,418			$	620,153			$	816,131			$	629,813
Average goodwill			(244,914	)			(245,989	)			(246,370	)			(175,106	)			(175,106	)			(242,696	)			(175,106	)
Average core deposit intangible, net of amortization			(41,996	)			(44,484	)			(46,387	)			(16,955	)			(18,144	)			(39,998	)			(19,387	)
Average tangible common equity (non-GAAP)		$	539,298			$	529,460			$	509,230			$	444,357			$	426,903			$	533,437			$	435,320
Return on average tangible common equity calculation*
Average tangible common equity (non-GAAP)		$	539,298			$	529,460			$	509,230			$	444,357			$	426,903			$	533,437			$	435,320
Net income		$	23,809			$	24,691			$	19,988			$	18,390			$	17,990			$	68,488			$	53,106
Return on average tangible common equity*			17.71	%			18.70	%			15.92	%			16.42	%			16.72	%			17.17	%			16.31	%
Tangible assets reconciliation
Total assets (GAAP)		$	5,947,512			$	5,947,512			$	6,069,013			$	4,506,095			$	4,420,411			$	5,947,512			$	4,420,411
Goodwill			(244,726	)			(245,351	)			(246,370	)			(175,106	)			(175,106	)			(244,726	)			(175,106	)
Core deposit intangible, net of amortization			(40,489	)			(42,991	)			(45,538	)			(16,200	)			(17,404	)			(40,489	)			(17,404	)
Tangible assets (non-GAAP)		$	5,662,297			$	5,659,170			$	5,777,105			$	4,314,789			$	4,227,901			$	5,662,297			$	4,227,901
Tangible common equity reconciliation
Total stockholders’ equity (GAAP)		$	826,438			$	819,310			$	819,853			$	643,836			$	628,125			$	826,438			$	628,125
Goodwill			(244,726	)			(245,351	)			(246,370	)			(175,106	)			(175,106	)			(244,726	)			(175,106	)
Core deposit intangible, net of amortization			(40,489	)			(42,991	)			(45,538	)			(16,200	)			(17,404	)			(40,489	)			(17,404	)
Tangible common equity (non-GAAP)		$	541,223			$	530,968			$	527,945			$	452,530			$	435,615			$	541,223			$	435,615
Tangible book value per common share calculation
Tangible common equity (non-GAAP)		$	541,223			$	530,968			$	527,945			$	452,530			$	435,615			$	541,223			$	435,615
Common shares outstanding at the end of the period			11,083,124				11,079,310				11,222,442				9,834,623				9,834,083				11,083,124				9,834,083
Tangible book value per common share (non-GAAP)		$	48.83			$	47.92			$	47.04			$	46.01			$	44.30			$	48.83			$	44.30
Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)		$	541,223			$	530,968			$	527,945			$	452,530			$	435,615			$	541,223			$	435,615
Tangible assets (non-GAAP)		$	5,662,297			$	5,659,170			$	5,777,105			$	4,314,789			$	4,227,901			$	5,662,297			$	4,227,901
Tangible equity to tangible assets (non-GAAP)			9.56	%			9.38	%			9.14	%			10.49	%			10.30	%			9.56	%			10.30	%

* 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
		September 30, 2026												June 30, 2026												September 30, 2025
		Average Balance				Interest Income/ Expenses (1)				Rate Earned/ Paid (1)				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		$	4,423,856				261,618				5.91	%		$	4,380,986			$	263,197				6.01	%		$	3,475,420			$	200,735				5.78	%
Tax-exempt			131,383				6,396				4.87	%			133,312				6,913				5.19	%			124,839				6,532				5.23	%
Securities
Taxable (available for sale)			474,326				19,800				4.17	%			485,347				20,541				4.23	%			158,821				6,747				4.25	%
Tax-exempt (available for sale)			32,759				1,238				3.78	%			33,637				1,259				3.74	%			31,172				1,109				3.56	%
Taxable (held to maturity)			118,074				4,954				4.20	%			114,143				4,648				4.07	%			106,160				4,248				4.00	%
Tax-exempt (held to maturity)			3,609				97				2.69	%			3,814				99				2.60	%			2,395				65				2.71	%
Cash and due from banks			241,742				8,995				3.72	%			237,560				8,792				3.70	%			49,497				2,199				4.44	%
Total interest-earning assets			5,425,749				303,098				5.59	%			5,388,799				305,449				5.67	%			3,948,304				221,635				5.61	%
Noninterest-earning assets			638,015												634,139												446,841
Allowance for credit losses - loans			(56,055	)											(56,545	)											(44,590	)
Total assets		$	6,007,709											$	5,966,393											$	4,350,555
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts		$	638,530			$	14,196				2.22	%		$	607,829			$	14,698				2.42	%		$	424,093			$	9,549				2.25	%
Savings accounts			1,158,713				15,550				1.34	%			1,132,387				14,491				1.28	%			845,872				12,397				1.47	%
Money market accounts			936,115				20,951				2.24	%			923,098				19,674				2.13	%			660,912				16,086				2.43	%
Certificates of deposit			797,443				26,612				3.34	%			808,406				27,498				3.40	%			637,208				23,820				3.74	%
Brokered Deposits			12,894				507				3.93	%			15,118				597				3.95	%			17,929				720				4.02	%
Total interest-bearing deposits			3,543,695				77,816				2.20	%			3,486,838				76,958				2.21	%			2,586,014				62,572				2.42	%
Other borrowed funds			95,604				4,587				4.80	%			122,059				6,013				4.93	%			123,794				5,678				4.59	%
Total interest-bearing liabilities			3,639,299				82,403				2.26	%			3,608,897				82,971				2.30	%			2,709,808				68,250				2.52	%
Noninterest-bearing liabilities
Demand Deposits			1,499,326												1,496,445												987,327
Other liabilities			42,876												41,118												33,267
Total Liabilities			5,181,501												5,146,460												3,730,402
Stockholders' equity			826,208												819,933												620,153
Total liabilities & stockholders' equity		$	6,007,709											$	5,966,393											$	4,350,555
Net interest income on a fully taxable equivalent basis							220,695												222,478												153,385
Less taxable equivalent adjustment							(1,623	)											(1,737	)											(1,619	)
Net interest income						$	219,072											$	220,741											$	151,766
Net interest spread (3)											3.32	%											3.37	%											3.09	%
Net interest margin (4)											4.07	%											4.13	%											3.88	%

(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
		September 30, 2026												September 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		$	4,410,910			$	260,569				5.91	%		$	3,439,635			$	196,628				5.72	%
Tax-exempt			132,368				6,562				4.96	%			128,311				6,744				5.26	%
Securities
Taxable (available for sale)			487,227				20,397				4.19	%			166,060				7,203				4.34	%
Tax-exempt (available for sale)			34,185				1,267				3.71	%			31,569				1,124				3.56	%
Taxable (held to maturity)			111,632				4,602				4.12	%			106,856				4,266				3.99	%
Tax-exempt (held to maturity)			3,973				105				2.64	%			2,662				72				2.70	%
Cash, due from banks and other			254,274				9,406				3.70	%			143,057				6,340				4.43	%
Total interest-earning assets			5,434,569				302,908				5.57	%			4,018,150				222,377				5.53	%
Noninterest-earning assets			630,723												444,452
Allowance for loan losses			(55,987	)											(44,292	)
Total assets		$	6,009,305											$	4,418,310
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts		$	629,229			$	15,562				2.47	%		$	464,551			$	11,239				2.42	%
Savings accounts			1,135,306				14,730				1.30	%			838,609				12,226				1.46	%
Money market accounts			932,624				20,148				2.16	%			670,599				16,302				2.43	%
Certificates of deposit			806,319				27,675				3.43	%			637,211				24,726				3.88	%
Brokered Deposits			14,367				567				3.95	%			19,365				783				4.04	%
Total interest-bearing deposits			3,517,845				78,682				2.24	%			2,630,335				65,276				2.48	%
Other borrowed funds			120,584				4,005				3.32	%			139,044				6,369				4.58	%
Total interest-bearing liabilities			3,638,429				82,687				2.27	%			2,769,379				71,645				2.59	%
Noninterest-bearing liabilities
Demand Deposits			1,505,345												983,350
Other liabilities			49,400												35,768
Total Liabilities			5,193,174												3,788,497
Stockholders' equity			816,131												629,813
Total liabilities & stockholders' equity		$	6,009,305											$	4,418,310
Net interest income on a fully taxable equivalent basis							220,221												150,732
Less taxable equivalent adjustment							(1,666	)											(1,667	)
Net interest income						$	218,555											$	149,065
Net interest spread (3)											3.30	%											2.95	%
Net interest margin (4)											4.05	%											3.75	%

(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.

Filing Exhibits & Attachments

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• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.8 KB