Vanguard reports 6.08% Bank First (BFC) ownership stake

Rhea-AI Filing Summary

The Vanguard Group filed an amended Schedule 13G reporting beneficial ownership of 598,817 shares of Bank First Corp common stock, representing 6.08% of the outstanding class.

Vanguard reports shared voting power over 69,224 shares and shared dispositive power over all 598,817 shares, with no sole voting or dispositive power. The filing notes an internal realignment on January 12, 2026, after which certain Vanguard subsidiaries are expected to report beneficial ownership separately while pursuing the same investment strategies. Vanguard states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Bank First. The filing also explains that Vanguard’s clients have rights to dividends and sale proceeds, and that no other single person has more than a 5% interest in these securities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Bank First Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

06211J100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 06211J100

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 69,224.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 598,817.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

598,817.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.08 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bank First Corp
(b)	Address of issuer's principal executive offices: 402 North Eighth Street, PO Box 10, Manitowoc, WI, 54221
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 06211J100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 598817
(b)	Percent of class: 6.08 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 69224
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 598817
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/30/2026

FAQ

What percentage of Bank First Corp (BFC) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 6.08% of Bank First Corp’s common stock. This percentage is based on 598,817 shares reported as beneficially owned, giving Vanguard a significant but minority institutional stake under U.S. securities ownership disclosure rules.

How many Bank First Corp (BFC) shares does Vanguard have voting and dispositive power over?

Vanguard reports shared voting power over 69,224 Bank First Corp shares and shared dispositive power over 598,817 shares. It reports zero sole voting and zero sole dispositive power, indicating voting and investment decisions are made on a shared basis across its managed accounts.

Did The Vanguard Group change how it reports holdings in this Bank First Corp (BFC) filing?

Yes. Vanguard states that on January 12, 2026, it underwent an internal realignment and no longer performs portfolio management or proxy voting. It anticipates certain subsidiaries or business divisions will report beneficial ownership separately on a disaggregated basis while continuing the same investment strategies.

Are The Vanguard Group’s Bank First Corp (BFC) shares held to influence control of the company?

Vanguard certifies the Bank First Corp securities were acquired and are held in the ordinary course of business. It explicitly states they were not acquired and are not held to change or influence control of the issuer or to participate in any control-related transaction.

Who ultimately benefits from dividends and sale proceeds on Vanguard’s Bank First Corp (BFC) shares?

Vanguard explains that its clients, including registered investment companies and other managed accounts, have the right to receive dividends and sale proceeds from the reported Bank First Corp securities. It also states that no single other person’s interest in these securities exceeds 5% of the class.

What type of filing did The Vanguard Group submit for its Bank First Corp (BFC) position?

The Vanguard Group submitted an amended Schedule 13G, specifically Amendment No. 2, regarding Bank First Corp common stock. This type of filing is used by certain institutional investors to report passive beneficial ownership of more than 5% of a public company’s equity securities.