Bank First (BFC) CFO Disposes 2,000 Shares; Form 4 Shows Post-Trade Holdings

Rhea-AI Filing Summary

Kevin M. LeMahieu, Chief Financial Officer and Director of Bank First Corp (BFC), reported a sale of company shares. The Form 4 discloses a transaction on 09/03/2025 in which 2,000 shares of Common Stock were disposed of at $128.50 per share, leaving the reporting person with 21,438 shares beneficially owned. The filing lists Transaction Code G and notes that the reported beneficial ownership total includes shares held in a dividend reinvestment plan and the Bank First Retirement Plan. The report was submitted by an attorney-in-fact on behalf of the reporting person.

Positive

• Clear disclosure of transaction details including number of shares sold, price, and post-transaction ownership
• Beneficial ownership aggregation disclosed showing inclusion of shares in a dividend reinvestment plan and retirement plan
• Form filed by an authorized representative, indicating completion of required reporting

Negative

• Insider disposition of 2,000 shares reduces the reporting person's stake
• Form does not provide rationale for the disposition or context for the Transaction Code G

Insights

Financial Analyst

TL;DR: Insider sale of 2,000 shares reduces holdings but appears routine; disclosure provides clear post-transaction ownership.

The Form 4 shows a single non-derivative disposition of 2,000 common shares at a reported price of $128.50 per share with post-transaction beneficial ownership of 21,438 shares. Transaction Code G is reported; the filing does not explain the code within the document. The filing also clarifies aggregation of holdings across a dividend reinvestment plan and a retirement plan, which helps reconcile total ownership. From a financial reporting standpoint, the submission is specific and complete for the disclosed transaction.

Corporate Governance Expert

TL;DR: The disclosure meets Form 4 requirements and documents an insider disposal while stating aggregated holdings.

The document identifies the reporting person as both an officer (Chief Financial Officer) and director and reports a cleared transaction reducing direct beneficial ownership by 2,000 shares. The filing was executed by an attorney-in-fact, and the explanatory note specifies that total holdings include shares in a dividend reinvestment plan and the Bank First Retirement Plan, which is useful for governance transparency. No additional context about the reason for the disposition is included in the Form.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LeMahieu Kevin M.

(Last) (First) (Middle)

402 NORTH 8TH STREET

(Street)

MANITOWOC WI 54220

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bank First Corp [ BFC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/03/2025		G		2,000	D	$128.5	21,438(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes shares held in a dividend reinvestment plan and Bank First Retirement Plan.

	/s/ Kelly Dvorak, attorney-in-fact	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Kevin M. LeMahieu report on Form 4 (BFC)?

The Form 4 reports a disposal of 2,000 common shares at a price of $128.50 per share.

How many Bank First Corp (BFC) shares does the reporting person own after the transaction?

The reporting person beneficially owns 21,438 shares following the reported transaction.

Does the Form 4 indicate aggregation of holdings across plans?

Yes. The filing states the total includes shares held in a dividend reinvestment plan and the Bank First Retirement Plan.

What transaction code is listed on the Form 4?

The Form 4 lists Transaction Code G for the reported disposition.

Who signed or submitted the Form 4?

The filing was submitted by an attorney-in-fact on behalf of the reporting person.