Bank First Corporation (NASDAQ: BFC) lifts Q2 profit and raises dividend

Rhea-AI Filing Summary

Bank First Corporation reported higher earnings for the quarter ended June 30, 2026. Net income was $24.7 million, or $2.21 per share, compared with $16.9 million, or $1.71 per share, in the prior-year quarter. For the first six months of 2026, net income was $44.7 million, or $3.99 per share, up from $35.1 million, or $3.53 per share, a year earlier.

Results were significantly influenced by the January 1, 2026 acquisition of Centre 1 Bancorp, Inc., which added $1.48 billion in assets and new trust and wealth management revenue. Net interest income rose to $55.0 million in Q2, with net interest margin expanding to 4.13% from 3.72% a year ago, aided by purchase accounting accretion and improved spreads on earning assets and funding costs.

Total assets reached $5.95 billion, loans $4.52 billion, and deposits $4.99 billion at June 30, 2026, with nearly all deposits characterized as core. Asset quality metrics remained moderate: nonperforming assets were $27.8 million, or 0.47% of assets. Stockholders’ equity increased to $819.3 million, book value per share to $73.95, and tangible book value per share to $47.92. The board declared a quarterly dividend of $0.60 per share, up 9.1% from the prior quarter and 33.3% from the prior-year quarter.

Positive

• Q2 2026 net income $24.7M, up from $16.9M year-ago.
• Net interest margin improved to 4.13% from 3.72% year-ago.
• Total assets grew to $5.95B, aided by Centre acquisition.
• Quarterly dividend raised to $0.60, up 9.1% sequentially.

Negative

• Nonperforming assets $27.8M, 0.47% of assets, above 0.31%.
• Nonaccrual loans $22.3M, concentrated in three relationships.
• Ansay investment income softened to $0.9M amid lower profitability.

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, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Income: $24.7 million Q2 2026 Earnings Per Share: $2.21 per share Net Interest Margin: 4.13% +5 more

8 metrics

Q2 2026 Net Income $24.7 million Net income for the quarter ended June 30, 2026

Q2 2026 Earnings Per Share $2.21 per share Earnings per common share, basic and diluted, Q2 2026

Net Interest Margin 4.13% Taxable-equivalent net interest margin for Q2 2026

Total Assets $5.95 billion Total assets as of June 30, 2026

Total Loans $4.52 billion Total loans outstanding as of June 30, 2026

Total Deposits $4.99 billion Total deposits as of June 30, 2026, mostly core

Nonperforming Assets $27.8 million Nonperforming assets, 0.47% of total assets, June 30, 2026

Quarterly Dividend $0.60 per share Cash dividend payable October 7, 2026

Key Terms

net interest margin, purchase accounting, nonperforming assets, core deposit intangible, +2 more

6 terms

net interest margin financial

"Net interest margin (“NIM”) was 4.13% for the second quarter of 2026"

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.

purchase accounting financial

"purchase accounting related to interest-bearing assets and liabilities from Centre"

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.

nonperforming assets financial

"Nonperforming assets on June 30, 2026, totaled $27.8 million"

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

"The acquisition of Centre 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.

tangible book value per common share financial

"Tangible book value per common share (non-GAAP) totaled $47.92"

A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.

mortgage servicing rights financial

"a $0.5 million positive valuation adjustment to the Bank’s mortgage servicing rights"

Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.

Earnings Snapshot

Net income: $24.7 million (Q2 2026); $44.7 million (six months)

quarter and six months ended June 30, 2026

Net income $24.7 million (Q2 2026); $44.7 million (six months) Compared with $16.9 million and $35.1 million in the prior-year periods.

Earnings per share $2.21 (Q2 2026); $3.99 (six months) Compared with $1.71 and $3.53 in the prior-year periods.

Net interest margin 4.13% (Q2 2026) Up from 3.72% in the second quarter of 2025.

Return on average assets 1.66% (Q2 2026); 1.50% (six months) Versus 1.54% and 1.59% in the prior-year periods.

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

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Available on EDGAR 07/21/2026 - 04:06 PM Accepted by SEC EDGAR 07/21/2026 - 04:05 PM Learn about SEC filing dates

FAQ

How did Bank First (BFC) perform financially in Q2 2026?

Bank First (BFC) reported net income of $24.7 million, or $2.21 per share, for Q2 2026. This compares with $16.9 million, or $1.71 per share, in the prior-year quarter, reflecting higher net interest income and contributions from the Centre acquisition.

What drove Bank First (BFC)’s revenue and margin changes in Q2 2026?

Net interest income reached $55.0 million and net interest margin improved to 4.13% in Q2 2026. Purchase accounting accretion from acquisitions contributed $3.5 million to NII, while asset yields rose and funding costs eased, lifting underlying margin excluding purchase accounting by 10 basis points.

How did the Centre acquisition affect Bank First (BFC)’s balance sheet?

The Centre acquisition added about $1.48 billion in assets, including $981.5 million of loans and $1.38 billion of deposits. As of June 30, 2026, Bank First’s total assets were $5.95 billion, loans $4.52 billion, and deposits $4.99 billion, with deposits largely core.

What is the current asset quality profile for Bank First (BFC)?

Nonperforming assets totaled $27.8 million, or 0.47% of total assets, at June 30, 2026. Nonaccrual loans were $22.3 million, with 75% tied to three relationships. The allowance for credit losses on loans was 1.24% of total loans.

What dividend did Bank First (BFC) declare and how has it changed?

The board declared a quarterly cash dividend of $0.60 per share, payable October 7, 2026. This represents an increase of $0.05 per share, or 9.1%, from the prior quarter and $0.15 per share, or 33.3%, from the prior-year second quarter dividend.

How strong is Bank First (BFC)’s capital position after recent acquisitions?

Stockholders’ equity was $819.3 million at June 30, 2026, supported by $44.7 million of year-to-date earnings and $168.5 million of capital impact from the Centre acquisition. Book value per share was $73.95 and tangible book value per share was $47.92.

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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

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)		At 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				81				(45	)			250				(99	)			615				76
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				83				(28	)			78				61				230				126
Charitable contributions			317				240				79				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			-				31				-				-				-				31				-
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)		At 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	%			0.01	%			0.00	%			0.00	%			0.05	%			0.05	%
Nonperforming loans to total loans			0.56	%			0.60	%			0.25	%			0.38	%			0.38	%			0.56	%			0.38	%
Nonperforming assets to total assets			0.47	%			0.50	%			0.20	%			0.31	%			0.31	%			0.47	%			0.31	%
Allowance for credit losses - loans to total loans			1.24	%			1.26	%			1.23	%			1.23	%			1.24	%			1.24	%			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	)			33				(1,930	)			33
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	)			(175,106	)			(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	)			(175,106	)			(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	)			(175,106	)			(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				99				2.60	%			2,404				66				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				75				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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