NEWS release

P.O. Box 10, Manitowoc, WI 54221-0010

For further information, contact:

Kevin M LeMahieu, Chief Financial Officer

Phone: (920) 652-3200 / klemahieu@bankfirst.com

FOR IMMEDIATE RELEASE

Bank First Announces Net Income for the Second Quarter of 2025

MANITOWOC, Wis, July 18, 2025 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $16.9 million, or $1.71 per share, for the second quarter of 2025, compared with net income of $16.1 million, or $1.59 per share, for the prior-year second quarter. For the six months ended June 30, 2025, Bank First earned $35.1 million, or $3.53 per share, compared to $31.5 million, or $3.10 per share for the same period in 2024.

“Bank First continues to benefit from recent moves towards normalization of the yield curve after an extended period of yield curve inversion,” stated Mike Molepske, Chairman and CEO of Bank First. “While we pride ourselves on being interest rate neutral, which minimizes the impact of changes in interest rates on our earnings, a normalized yield curve benefits the entire banking industry. If this move towards normalization continues, Bank First should see an improving net interest margin over the coming months and years.”

Operating Results

Net interest income (“NII”) during the second quarter of 2025 was $36.7 million, up $0.2 million from the previous quarter and up $3.7 million from the second quarter of 2024. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from past acquisitions (“purchase accounting”) increased NII by $0.6 million, or $0.05 per share after tax, during the second quarter of 2025, compared to $1.0 million, or $0.08 per share after tax, during the previous quarter and $1.2 million, or $0.09 per share after tax, during the second quarter of 2024.

Net interest margin (“NIM”) was 3.72% for the second quarter of 2025, compared to 3.65% for the previous quarter and 3.63% for the second quarter of 2024. NII from purchase accounting increased NIM by 0.03%, 0.10% and 0.13% for each of these periods, respectively. The Bank’s NIM continues to benefit from new and renewed loans pricing at higher yields while deposits, particularly certificates, continue to reprice lower. Rates earned on average earning assets increased 10 basis points while rates paid on average interest-bearing deposits decreased 15 basis points from the second quarter of 2024 to the second quarter of 2025. NIM improved through the second quarter of 2025, with total NIM for the month of June 2025 coming in at 3.77% and NIM net of the impact of purchase accounting coming in at 3.70%.

Bank First recorded a provision for credit losses of $0.2 million during the second quarter of 2025, compared to $0.4 million during the previous quarter. The Bank did not record a provision for credit losses during the second quarter of 2024. Provision expense was $0.6 million for the first six months of 2025 compared to $0.2 million for the same period during 2024.

Noninterest income was $4.9 million for the second quarter of 2025, compared to $6.6 million and $5.9 million for the prior quarter and second quarter of 2024, respectively. Income provided by the Bank’s investment in Ansay & Associates, LLC totaled $1.2 million during the second quarter of 2025, matching the prior quarter but down $0.2 million from the prior-year second quarter. The Bank also experienced a $0.1 million negative valuation adjustment to its mortgage servicing rights asset during the second quarter of 2025 which compared unfavorably to $0.2 million and $0.3 million in positive valuation adjustments during the prior quarter and prior-year second quarter, respectively. Finally, the Bank benefited from a $1.0 million gain during the first quarter of 2025 and a $0.4 million gain during the second quarter of 2024 from death benefits on bank-owned life insurance policies, creating a negative variance in other non-interest income for the previous quarter and prior-year second quarter.

Noninterest expense totaled $20.8 million in the second quarter of 2025, compared to $20.6 million during the prior quarter and $19.1 million during the second quarter of 2024. Personnel expense remained well-managed, down $0.6 million from the prior quarter but up $0.4 million from the prior-year second quarter, the result of standard cost-of-living and merit increases year-over-year. Occupancy, equipment and office expense was elevated during the second quarter of 2025, up $0.3 million from the prior quarter and $0.6 million from the prior-year second quarter, the result of expenses from multiple branch remodels and the opening of a new branch in Sturgeon Bay, WI during the most recent quarter. Data processing expense was once again impacted in the most recent quarter by elevated expenditures related to the Bank’s upgrade of its digital banking platform after experiencing relatively light expenditures related to these projects in the first quarter of 2025. Outside service fees increased by $0.3 million from the prior quarter but were down $0.3 million from the second quarter of 2024. Outside service fees during the second quarter of 2025 include a $0.1 million commission related to the sale of a former branch building, which resulted in a $0.2 million gain on sale, and $0.1 million in personnel recruitment fees. The second quarter of 2024 included $0.4 million in commissions related to sales of former branch buildings, which resulted in $0.5 million in gains, leading to the improved year-over-year variance.

Balance Sheet

Total assets were $4.37 billion at June 30, 2025, a $130.0 million decline from December 31, 2024, but a $219.3 million increase from June 30, 2024.

Total loans were $3.58 billion at June 30, 2025, up $63.2 million from December 31, 2024, and up $151.7 million from June 30, 2024.

Total deposits, nearly all of which remain core deposits, were $3.60 billion at June 30, 2025, down $65.6 million from seasonal highs at December 31, 2024, but up $195.5 million from June 30, 2024. Noninterest-bearing demand deposits comprised 27.5% of the Bank’s total deposits at June 30, 2025, compared to 27.4% and 28.7% at December 31 and June 30, 2024, respectively.

Asset Quality

Nonperforming assets at June 30, 2025 remained negligible, totaling $13.6 million compared to $9.2 million and $11.0 million at the end of the fourth and second quarters of 2024, respectively. Nonperforming assets to total assets ended the second quarter of 2025 at 0.31%, compared to 0.21% and 0.27% at the end of the fourth and second quarters of 2024, respectively.

Capital Position

Stockholders’ equity totaled $612.3 million at June 30, 2025, a decrease of $27.4 million from the end of 2024 and $2.2 million from June 30, 2024. Dividends, including a $3.50 per common share special dividend declared in the second quarter of 2025, totaling $43.6 million and repurchases of BFC common stock totaling $22.0 million outpaced earnings of $35.1 million through the first six months of 2025, causing the decline in capital. The Bank’s book value per common share totaled $62.27 at June 30, 2025 compared to $63.89 at December 31, 2024 and $61.27 at June 30, 2024. Tangible book value per common share (non-GAAP) totaled $42.57 at June 30, 2025 compared to $44.28 at December 31, 2024 and $41.42 at June 30, 2024.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on October 8, 2025, to shareholders of record as of September 24, 2025.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, and treasury management products at its 27 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 368 full-time equivalent staff and has assets of approximately $4.4 billion. Insurance services are available through its bond with Ansay & Associates, LLC. Trust, investment advisory, and other financial services are offered in collaboration with several regional partners. Further information about Bank First Corporation is available by clicking the Shareholder Services tab at www.bankfirst.com. 

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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 Hometown, 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 successful 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 tangible book value per common share 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, 2024, 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.

* Components of the quarterly ratios were annualized.

Bank First Corporation

Average assets, liabilities and stockholders' equity, and average rates earned or paid

(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

(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.