PO Box 10, Manitowoc, WI 54221-0010 For further information, contact: Kevin M LeMahieu, Chief Financial Officer Phone: (920) 652-3200 / klemahieu@bankfirst.com

NEWS release

[For Immediate Release]

Bank First Announces Net Income for the Third Quarter of 2025

MANITOWOC, Wis, October 21, 2025 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $18.0 million, or $1.83 per share, for the third quarter of 2025, compared with net income of $16.6 million, or $1.65 per share, for the prior-year third quarter. For the nine months ended September 30, 2025, Bank First earned $53.1 million, or $5.36 per share, compared to $48.0 million, or $4.75 per share for the same period in 2024. After removing the impact of one-time expenses related to the acquisition of Centre 1 Bancorp, Inc., as well as net gains on the sales of securities and other real estate owned (“OREO”), the Bank reported adjusted net income (non-GAAP) of $18.8 million, or $1.91 per share, for the third quarter of 2025, compared with $16.5 million, or $1.65 per share, for the prior-year third quarter. For the first nine months of 2025 adjusted net income (non-GAAP) totaled $53.8 million, or $5.42 per share, compared to $47.6 million, or $4.71 per share for the same period in 2024.

“We are pleased to report that earnings per share through the first three quarters of 2025 increased by nearly 13% compared to the same period last year, despite incurring over $891,000 in merger expenses related to our acquisition of First National Bank & Trust in Beloit Wisconsin, which is scheduled to close on January 1, 2026,” stated Mike Molepske, Chairman and CEO of Bank First. “This continued growth in earnings was driven by mid-single-digit loan expansion and an increase in loan yields due to repricing. We expect loan repricing to continue boosting our loan portfolio yields for some time to come.”

Operating Results

Net interest income (“NII”) during the third quarter of 2025 was $38.3 million, up $1.6 million from the previous quarter and up $2.4 million from the third 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 $0.7 million, or $0.06 per share after tax, during the third quarter of 2025, compared to $0.6 million, or $0.05 per share after tax, during the previous quarter and $1.7 million, or $0.13 per share after tax, during the third quarter of 2024.

Net interest margin (“NIM”) was 3.88% for the third quarter of 2025, compared to 3.72% for the previous quarter and 3.76% for the third quarter of 2024. NII from purchase accounting increased NIM by 0.07%, 0.07% and 0.17% for each of these periods, respectively. A combination of yields on newly originated loans during the quarter exceeding the portfolio average, as well as strong yield improvements on maturing loans that renewed during the quarter, resulted in a 10 basis point increase in the average rate earned on the Bank’s loan portfolio compared to the prior quarter. In addition, repricing of maturing certificates of deposit during the quarter led to a 7 basis point decline in the average rate paid on the Bank’s interest-bearing liabilities.

Bank First recorded a provision for credit losses of $0.7 million during the third quarter of 2025, compared to $0.2 million during the previous quarter. The Bank did not record a provision for credit losses during the third quarter of 2024. Provision expense was $1.3 million for the first nine months of 2025 compared to $0.2 million for the same period during 2024. Provision expense recorded during the third quarter of 2025 was the result of increasing balances in the Bank’s loan portfolio. The Bank experienced negligible net loan losses during the quarter, and its asset quality metrics remain strong.

Noninterest income was $6.0 million for the third quarter of 2025, compared to $4.9 million for the prior quarter and third quarter of 2024. Income provided by the Bank’s investment in Ansay & Associates, LLC totaled $1.3 million during the third quarter of 2025, up $0.1 million from the prior quarter and up $0.3 million from the prior-year third quarter. Gains on sales of mortgage loans totaled $0.5 million during the third quarter of 2025, up from $0.3 million in the prior quarter and $0.4 million in the prior-year third quarter. The Bank also experienced a $0.3 million positive valuation adjustment to its mortgage servicing rights asset during the third quarter of 2025, resulting primarily from increased balances of sold and serviced residential mortgage loans. This compared favorably to $0.1 million and $0.3 million in negative valuation adjustments during the prior quarter and prior-year third quarter, respectively.

Noninterest expense totaled $21.1 million in the third quarter of 2025, compared to $20.8 million during the prior quarter and $20.1 million during the third quarter of 2024. The primary driver of elevated noninterest expenses in the most recent quarter was outside service fees, which totaled $1.8 million, up $0.7 million from both the prior quarter and prior-year third quarter. Outside service fees related to the Bank’s acquisition of Centre 1 Bancorp, Inc., scheduled to close on January 1, 2026, totaled $0.9 million during the third quarter of 2025. Personnel expense remained well-managed, up 0.7% from the prior quarter and 3.8% from the prior-year third quarter. Year-over-year increases were primarily the result of standard cost-of-living and merit adjustments. Occupancy, equipment and office expenses, which were elevated during the second quarter of 2025 as a result of multiple branch remodels and the opening of a new branch in Sturgeon Bay, totaled $1.6 million during the most recent quarter, down $0.4 million from the prior quarter and nearly matching the prior-year third quarter.

Balance Sheet

Total assets were $4.42 billion at September 30, 2025, a $74.6 million decline from December 31, 2024, but a $125.9 million increase from September 30, 2024.

Total loans were $3.63 billion at September 30, 2025, up $112.5 million from December 31, 2024, and up $158.7 million from September 30, 2024. Total loans grew at an annualized pace of 5.5% during the third quarter of 2025.

Total deposits, nearly all of which remain core deposits, were $3.54 billion at September 30, 2025, down $122.3 million from seasonal highs at December 31, 2024, but up $54.0 million from September 30, 2024. Noninterest-bearing demand deposits comprised 28.2% of the Bank’s total deposits at September 30, 2025, compared to 28.0% and 29.3% at December 31 and September 30, 2024, respectively.

Asset Quality

Nonperforming assets at September 30, 2025 remained negligible, totaling $13.9 million compared to $9.2 million and $11.9 million at the end of the fourth and third quarters of 2024, respectively. Nonperforming assets to total assets ended the third quarter of 2025 at 0.31%, compared to 0.21% and 0.28% at the end of the fourth and third quarters of 2024, respectively.

Capital Position

Stockholders’ equity totaled $628.1 million at September 30, 2025, a decrease of $11.6 million from the end of 2024 and $0.8 million from September 30, 2024. Dividends, including a $3.50 per common share special dividend declared in the second quarter of 2025, totaling $48.1 million and repurchases of BFC common stock totaling $22.0 million outpaced earnings of $53.1 million through the first nine months of 2025, causing the decline in capital. The Bank’s book value per common share totaled $63.87 at September 30, 2025 compared to $63.89 at December 31, 2024 and $62.82 at September 30, 2024. Tangible book value per common share (non-GAAP) totaled $44.30 at September 30, 2025 compared to $44.28 at December 31, 2024 and $43.07 at September 30, 2024.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on January 7, 2026, to shareholders of record as of December 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 366 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.

Bank First Corporation

Consolidated Financial Summary (Unaudited)