8-K
Bank First Corp (BFC)
UNITED STATES
SECURITIES ANDEXCHANGE COMMISSION
Washington, D.C.20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 OR 15(d) of The Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | January 22, 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 January 22, 2026, Bank First Corporation (the “Company”) announced its earnings for the quarter ended December 31, 2025. 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. |
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(d) Exhibits
| Exhibit<br><br> Number | Description of Exhibit |
|---|---|
| 99.1 | Press Release, dated January 22, 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: January<br> 22, 2026 | By: | /s/<br> Kevin M. LeMahieu |
| Kevin M. LeMahieu | ||
| Chief Financial Officer |
Exhibit 99.1
| PO Box 10, Manitowoc, WI 54221-0010<br><br><br><br>For further information, contact:<br><br><br><br>Kevin M LeMahieu, Chief Financial Officer<br><br><br><br>Phone: (920) 652-3200 / klemahieu@bankfirst.com |
|---|
NEWSrelease
[For Immediate Release]
Bank First AnnouncesNet Income for the Fourth Quarter of 2025
| • | Net income of $18.4 million and $71.5 millionfor the three months and year ended December 31, 2025, respectively |
|---|---|
| • | Earnings per common share of $1.87 and $7.23for the three months and year ended December 31, 2025, respectively |
| --- | --- |
| • | Annualized return on average assets of 1.65%and 1.62% for the three months and year ended December 31, 2025, respectively |
| --- | --- |
| • | Quarterly cash dividend of $0.50 per sharedeclared, an increase of 11.1% over the prior quarter and prior-year fourth quarter. |
| --- | --- |
MANITOWOC, Wis, January 22, 2026 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $18.4 million, or $1.87 per share, for the fourth quarter of 2025, compared with net income of $17.5 million, or $1.75 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, Bank First earned $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share for the full year of 2024. After removing the impact of one-time expenses related to the acquisition of Centre 1 Bancorp, Inc. (“Centre”), as well as net gains on the sales of certain assets and a loss on the razing of the headquarters of a previously acquired institution, the Bank reported adjusted net income (non-GAAP) of $19.6 million, or $2.00 per share, for the fourth quarter of 2025, compared with $17.4 million, or $1.74 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, adjusted net income (non-GAAP) totaled $73.4 million, or $7.42 per share, compared to $65.0 million, or $6.45 per share for the full year of 2024.
“We are pleased to announce that the Company’s annual earnings per share increased by more than 15% despite incurring $1.5 million in expenses related to the merger with Centre, the parent company of First National Bank and Trust Company (“FNBT”), headquartered in Beloit, Wisconsin,” stated Mike Molepske, Chairman and CEO of Bank First. “The acquisition of FNBT is the most transformational event in Bank First’s 131-year history, bringing together two relationship-based, community-focused organizations. This acquisition is more than twice the size of our largest previous merger, expands us into Walworth, Rock, and Green Counties in Wisconsin, and into Winnebago County in Illinois, and brings Trust and Wealth Management to Bank First.”
Operating Results
Net interest income (“NII”) during the fourth quarter of 2025 was $40.2 million, up $1.9 million from the previous quarter and up $4.6 million from the fourth 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 $0.5 million, or $0.04 per share after tax, during the fourth quarter of 2025, compared to $0.7 million, or $0.06 per share after tax, during the previous quarter and $0.8 million, or $0.06 per share after tax, during the fourth quarter of 2024.
Net interest margin (“NIM”) was 4.01% for the fourth quarter of 2025, compared to 3.88% for the previous quarter and 3.61% for the fourth quarter of 2024. NII from purchase accounting increased NIM by 0.05%, 0.07% and 0.08% for each of these periods, respectively. The strong improvement in NIM was partially driven by higher yields on loans newly originated and renewed during the most recent quarter, which offset a decline in yield earned on the Bank’s excess cash reserves as a result of recent interest rate cuts by the Federal Reserve Bank. A thirteen basis point reduction in the average rate paid on the Bank’s interest-bearing liabilities also supported the expansion in the current quarter NIM.
Bank First did not record a provision for credit losses during the fourth quarter of 2025, compared to recording a provision of $0.7 million during the previous quarter. Due to improvements in the financial trends of two relationships and corresponding reductions in the specific reserves related to them, the Bank recorded a negative provision for credit losses totaling $1.0 million during the prior-year fourth quarter. Provision expense was $1.3 million for the year ended December 31, 2025, compared to a negative provision of $0.8 million for the full year of 2024. The lack of provision expense during the fourth quarter of 2025 was the result of continued strong asset quality metrics, as well as a slight contraction in the Bank’s loan portfolio during the quarter.
Noninterest income was $4.8 million for the fourth quarter of 2025, compared to $6.0 million for the prior quarter and $4.5 million for the fourth quarter of 2024. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) experienced a typical seasonal fourth-quarter decline, down $1.1 million from the prior quarter but up $0.2 million from the prior-year fourth quarter. Income from Ansay increased by $0.4 million, or 11.8%, for the full year of 2025 compared to 2024. The Bank experienced a minimal negative adjustment to its mortgage servicing rights asset during the fourth quarter of 2025, compared to a positive valuation adjustment of $0.3 million in the previous quarter. Gains on sales of mortgage loans totaled $0.6 million during the fourth quarter of 2025, up from $0.5 million in the prior quarter and $0.4 million in the prior-year fourth quarter. For the full year of 2025 gains on sales of mortgage loans totaled $1.8 million, up $0.5 million, or 39.0%, from the prior year. All other areas of noninterest income remained consistent with recent quarterly results.
Noninterest expense totaled $22.0 million in the fourth quarter of 2025, compared to $21.1 million during the prior quarter and $19.3 million during the fourth quarter of 2024. Expenses related to the Bank’s acquisition of Centre, which successfully closed on January 1, 2026, totaled $0.7 million and $0.9 million during the fourth and third quarters of 2025, respectively. These expenses were primarily incurred in the areas of outside service fees and data processing. Occupancy, equipment and office expense was negatively impacted by the razing and rebuilding of the Bank’s location in Denmark, Wisconsin, which created a loss of $0.9 million. The razed building, formerly the headquarters of Denmark Bancshares, Inc., which was acquired by Bank First in 2022, was replaced as it did not function efficiently as a branch location. All other components of noninterest expense remained well-contained and consistent with prior periods.
Balance Sheet
Total assets were $4.51 billion at December 31, 2025, an increase of $85.7 million during the fourth quarter of 2025, representing 7.8% annualized growth for the quarter.
Total loans were $3.60 billion at December 31, 2025, up $87.5 million from December 31, 2024. Total loan balances contracted by $25.0 million during the fourth quarter of 2025, historically a slow seasonal period for loan growth, as the Bank successfully exited several substandard relationships with related loan balances of over $21.2 million.
Total deposits, nearly all of which remain core deposits, were $3.70 billion at December 31, 2025, up $34.7 million from December 31, 2024, but up $54.0 million from September 30, 2024. Total deposits grew by an annualized rate of 17.7% during the fourth quarter of 2025. Noninterest-bearing demand deposits comprised 27.1% of the Bank’s total deposits at December 31, 2025.
Asset Quality
Nonperforming assets at December 31, 2025 remained negligible, totaling $9.0 million compared to $13.9 million and $9.2 million at the end of the prior quarter and prior-year fourth quarter, respectively. Nonperforming assets to total assets ended the fourth quarter of 2025 at 0.20%, compared to 0.31% and 0.21% at the end of the prior quarter and prior-year fourth quarter, respectively.
Capital Position
Stockholders’ equity totaled $643.8 million at December 31, 2025, an increase of $4.2 million from the end of 2024. This increase in stockholders’ equity nearly equaled the impact of fair value movements on the Bank’s available-for-sale investment portfolio, which positively impacted equity by $4.3 million over the course of 2025. Dividends totaling $52.5 million, including a $3.50 per common share special dividend declared in the second quarter of 2025, and repurchases of BFC common stock totaling $22.0 million negated the positive impact of earnings of $71.5 million during the year ended December 31, 2025. The Bank’s book value per common share totaled $65.47 at December 31, 2025 compared to $63.89 at December 31, 2024. Tangible book value per common share (non-GAAP) totaled $46.01 at December 31, 2025 compared to $44.28 at December 31, 2024.
Dividend Declaration
Bank First’s Board of Directors approved a quarterly cash dividend of $0.50 per common share, payable on April 8, 2026, to shareholders of record as of March 25, 2026. This dividend represents an increase of $0.05 per share, or 11.1%, from the dividend declared during the prior quarter and prior-year fourth quarter.
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 following its merger with FNBT on January 1, 2026. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 500 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.
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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 meaningof 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 themerger with Centre, statements relating to our projected growth, anticipated future financial performance, financial condition, creditquality, and management’s long-term performance goals, and statements relating to the anticipated effects on our business, financialcondition and results of operations from expected developments or events, our business, growth and strategies. These statements can generallybe 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 statementsare not historical facts and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherentlyuncertain and beyond Bank First’s control. The inclusion of these forward-looking statements should not be regarded as a representationby Bank First or any other person that such expectations, estimates, and projections will be achieved. Accordingly, Bank First cautionsshareholders 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 expressedor implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplatedby the forward-looking statements including, without limitation, (1) business and economic conditions nationally, regionally andin our target markets, particularly in Wisconsin and the geographic areas in which we operate, (2) changes in government interestrate policies, (3) our ability to effectively manage problem credits, (4) the risks associated with Bank First’s pursuitof future acquisitions, (5) Bank First’s ability to successful execute its various business strategies, including its abilityto execute on potential acquisition opportunities, and (6) general competitive, economic, political, and market conditions.
This communication containsnon-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. Managementbelieves such measures to be helpful to management, investors and others in understanding Bank First's results of operations or financialposition. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAPmeasures to the GAAP financial measures, are provided. See " Non-GAAP Financial Measures" below. Management considersnon-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAPfinancial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools andshould not be considered in isolation or as a substitute for analyses of results as reported under GAAP.
Further information regardingBank First and factors which could affect the forward-looking statements contained herein can be found in Bank First's Annual Report onForm 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 tothese or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materiallyfrom the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-lookingstatements. Any forward-looking statement speaks only as of the date of this press release, and Bank First undertakes no obligation topublicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, exceptas required by law. New risks and uncertainties may emerge from time to time, and it is not possible for Bank First to predict their occurrenceor how they will affect the company.
Bank First Corporation
ConsolidatedFinancial Summary (Unaudited)
| (In thousands,<br> except share and per share data) | At<br> or for the Three Months Ended | At<br> or for the Year Ended | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |||||||||||||||
| Results of Operations: | |||||||||||||||||||||
| Interest income | $ | 56,636 | $ | 55,456 | $ | 54,575 | $ | 55,048 | $ | 53,754 | $ | 221,715 | $ | 206,405 | |||||||
| Interest<br> expense | 16,470 | 17,203 | 17,873 | 18,511 | 18,193 | 70,057 | 68,605 | ||||||||||||||
| Net interest income | 40,166 | 38,253 | 36,702 | 36,537 | 35,561 | 151,658 | 137,800 | ||||||||||||||
| Provision<br> for credit losses | - | 650 | 200 | 400 | (1,000 | ) | 1,250 | (800 | ) | ||||||||||||
| Net interest income after provision<br> for credit losses | 40,166 | 37,603 | 36,502 | 36,137 | 36,561 | 150,408 | 138,600 | ||||||||||||||
| Noninterest income | 4,758 | 5,953 | 4,921 | 6,588 | 4,513 | 22,220 | 19,680 | ||||||||||||||
| Noninterest<br> expense | 22,012 | 21,086 | 20,756 | 20,604 | 19,286 | 84,458 | 78,767 | ||||||||||||||
| Income before income tax expense | 22,912 | 22,470 | 20,667 | 22,121 | 21,788 | 88,170 | 79,513 | ||||||||||||||
| Income tax<br> expense | 4,522 | 4,480 | 3,792 | 3,880 | 4,248 | 16,674 | 13,950 | ||||||||||||||
| Net income | $ | 18,390 | $ | 17,990 | $ | 16,875 | $ | 18,241 | $ | 17,540 | $ | 71,496 | $ | 65,563 | |||||||
| Earnings per Common Share<br> (Basic and Diluted) | $ | 1.87 | $ | 1.83 | $ | 1.71 | $ | 1.82 | $ | 1.75 | $ | 7.23 | $ | 6.50 | |||||||
| Common Shares: | |||||||||||||||||||||
| Outstanding | 9,834,623 | 9,834,083 | 9,833,476 | 9,973,276 | 10,012,088 | 9,834,623 | 10,012,088 | ||||||||||||||
| Weighted average outstanding for the period | 9,834,567 | 9,834,002 | 9,901,391 | 10,001,009 | 10,012,013 | 9,892,125 | 10,083,647 | ||||||||||||||
| Noninterest Income / Noninterest<br> Expense: | |||||||||||||||||||||
| Service charges | $ | 2,255 | $ | 2,106 | $ | 2,053 | $ | 2,011 | $ | 2,119 | $ | 8,425 | $ | 8,043 | |||||||
| Income from Ansay | 267 | 1,314 | 1,153 | 1,181 | 82 | 3,915 | 3,502 | ||||||||||||||
| Loan servicing income | 747 | 736 | 733 | 732 | 744 | 2,948 | 2,938 | ||||||||||||||
| Valuation adjustment on mortgage<br> servicing rights | (45 | ) | 250 | (99 | ) | 175 | 18 | 281 | (299 | ) | |||||||||||
| Net gain on sales of mortgage<br> loans | 649 | 482 | 338 | 334 | 424 | 1,803 | 1,297 | ||||||||||||||
| Other noninterest<br> income | 885 | 1,065 | 743 | 2,155 | 1,126 | 4,848 | 4,199 | ||||||||||||||
| Total<br> noninterest income | $ | 4,758 | $ | 5,953 | $ | 4,921 | $ | 6,588 | $ | 4,513 | $ | 22,220 | $ | 19,680 | |||||||
| Personnel expense | $ | 10,565 | $ | 10,498 | $ | 10,427 | $ | 10,985 | $ | 9,886 | $ | 42,475 | $ | 40,901 | |||||||
| Occupancy, equipment and office | 2,769 | 1,567 | 1,922 | 1,591 | 1,445 | 7,849 | 5,957 | ||||||||||||||
| Data processing | 2,685 | 2,506 | 2,620 | 2,444 | 2,687 | 10,255 | 9,692 | ||||||||||||||
| Postage, stationery and supplies | 309 | 165 | 259 | 217 | 224 | 950 | 932 | ||||||||||||||
| Advertising | (28 | ) | 78 | 61 | 65 | 78 | 176 | 313 | |||||||||||||
| Charitable contributions | 79 | 143 | 274 | 476 | 200 | 972 | 793 | ||||||||||||||
| Outside service fees | 1,490 | 1,818 | 1,135 | 788 | 1,135 | 5,231 | 4,560 | ||||||||||||||
| Federal deposit insurance | 510 | 540 | 630 | 630 | 495 | 2,310 | 1,850 | ||||||||||||||
| Net gain on other real estate<br> owned | - | - | (159 | ) | - | (186 | ) | (159 | ) | (694 | ) | ||||||||||
| Net loss on sales of securities | - | - | - | - | - | - | 34 | ||||||||||||||
| Amortization of intangibles | 1,204 | 1,228 | 1,273 | 1,298 | 1,389 | 5,003 | 5,793 | ||||||||||||||
| Other noninterest<br> expense | 2,429 | 2,543 | 2,314 | 2,110 | 1,933 | 9,396 | 8,636 | ||||||||||||||
| Total<br> noninterest expense | $ | 22,012 | $ | 21,086 | $ | 20,756 | $ | 20,604 | $ | 19,286 | $ | 84,458 | $ | 78,767 | |||||||
| Period-end Balances: | |||||||||||||||||||||
| Cash and cash equivalents | $ | 243,207 | $ | 126,184 | $ | 120,328 | $ | 300,865 | $ | 261,332 | $ | 243,207 | $ | 261,332 | |||||||
| Securities available-for-sale,<br> at fair value | 164,422 | 167,125 | 167,209 | 163,743 | 223,061 | 164,422 | 223,061 | ||||||||||||||
| Securities held-to-maturity,<br> at cost | 103,726 | 106,823 | 109,854 | 110,241 | 110,756 | 103,726 | 110,756 | ||||||||||||||
| Loans | 3,604,651 | 3,629,663 | 3,580,357 | 3,548,070 | 3,517,168 | 3,604,651 | 3,517,168 | ||||||||||||||
| Allowance for credit losses -<br> loans | (44,374 | ) | (44,501 | ) | (44,292 | ) | (43,749 | ) | (44,151 | ) | (44,374 | ) | (44,151 | ) | |||||||
| Premises and equipment, net | 79,217 | 78,027 | 75,667 | 72,670 | 71,108 | 79,217 | 71,108 | ||||||||||||||
| Goodwill and core deposit intangible,<br> net | 191,306 | 192,510 | 193,738 | 195,011 | 196,309 | 191,306 | 196,309 | ||||||||||||||
| Mortgage servicing rights | 13,650 | 13,696 | 13,445 | 13,544 | 13,369 | 13,650 | 13,369 | ||||||||||||||
| Other assets | 150,290 | 150,884 | 148,776 | 144,670 | 146,108 | 150,290 | 146,108 | ||||||||||||||
| Total assets | 4,506,095 | 4,420,411 | 4,365,082 | 4,505,065 | 4,495,060 | 4,506,095 | 4,495,060 | ||||||||||||||
| Deposits | |||||||||||||||||||||
| Interest-bearing | 2,692,711 | 2,539,476 | 2,605,397 | 2,666,693 | 2,636,193 | 2,692,711 | 2,636,193 | ||||||||||||||
| Noninterest-bearing | 1,003,076 | 999,285 | 990,027 | 1,007,525 | 1,024,880 | 1,003,076 | 1,024,880 | ||||||||||||||
| Borrowings | 121,966 | 221,941 | 121,915 | 146,890 | 147,372 | 121,966 | 147,372 | ||||||||||||||
| Other liabilities | 44,506 | 31,584 | 35,410 | 35,543 | 46,932 | 44,506 | 46,932 | ||||||||||||||
| Total liabilities | 3,862,259 | 3,792,286 | 3,752,749 | 3,856,651 | 3,855,377 | 3,862,259 | 3,855,377 | ||||||||||||||
| Stockholders' equity | 643,836 | 628,125 | 612,333 | 648,414 | 639,683 | 643,836 | 639,683 | ||||||||||||||
| Book value per common share | $ | 65.47 | $ | 63.87 | $ | 62.27 | $ | 65.02 | $ | 63.89 | $ | 65.47 | $ | 63.89 | |||||||
| Tangible book value per common share (non-GAAP) | $ | 46.01 | $ | 44.30 | $ | 42.57 | $ | 45.46 | $ | 44.28 | $ | 46.01 | $ | 44.28 | |||||||
| Average Balances: | |||||||||||||||||||||
| Loans | $ | 3,615,930 | $ | 3,600,259 | $ | 3,560,945 | $ | 3,541,995 | $ | 3,482,974 | $ | 3,580,041 | $ | 3,422,357 | |||||||
| Interest-earning assets | 4,019,999 | 3,948,304 | 4,006,981 | 4,100,846 | 3,962,690 | 4,018,618 | 3,809,056 | ||||||||||||||
| Goodwill and other intangibles,<br> net | 192,061 | 193,250 | 194,503 | 195,752 | 196,966 | 193,880 | 199,199 | ||||||||||||||
| Total assets | 4,421,837 | 4,350,555 | 4,407,112 | 4,498,891 | 4,360,469 | 4,419,199 | 4,208,236 | ||||||||||||||
| Deposits | 3,602,826 | 3,573,341 | 3,596,755 | 3,672,039 | 3,545,694 | 3,610,946 | 3,457,391 | ||||||||||||||
| Interest-bearing liabilities | 2,732,417 | 2,709,808 | 2,762,544 | 2,837,182 | 2,655,609 | 2,760,062 | 2,554,860 | ||||||||||||||
| Stockholders' equity | 636,418 | 620,153 | 623,861 | 645,708 | 634,137 | 631,478 | 619,784 | ||||||||||||||
| Financial Ratios: | |||||||||||||||||||||
| Return on average assets * | 1.65 | % | 1.64 | % | 1.54 | % | 1.64 | % | 1.60 | % | 1.62 | % | 1.56 | % | |||||||
| Return on average common equity<br> * | 11.46 | % | 11.51 | % | 10.85 | % | 11.46 | % | 11.00 | % | 11.32 | % | 10.58 | % | |||||||
| Return on average tangible common<br> equity (non-GAAP)* | 16.42 | % | 16.72 | % | 15.76 | % | 16.44 | % | 15.96 | % | 16.34 | % | 15.59 | % | |||||||
| Average equity to average assets | 14.39 | % | 14.25 | % | 14.16 | % | 14.35 | % | 14.54 | % | 14.29 | % | 14.73 | % | |||||||
| Stockholders' equity to assets | 14.29 | % | 14.21 | % | 14.03 | % | 14.39 | % | 14.23 | % | 14.29 | % | 14.23 | % | |||||||
| Tangible equity to tangible assets<br> (non-GAAP) | 10.49 | % | 10.30 | % | 10.04 | % | 10.52 | % | 10.31 | % | 10.49 | % | 10.31 | % | |||||||
| Net interest margin, taxable<br> equivalent * | 4.01 | % | 3.88 | % | 3.72 | % | 3.65 | % | 3.61 | % | 3.82 | % | 3.65 | % | |||||||
| Net loan charge-offs (recoveries)<br> to average loans * | 0.01 | % | 0.00 | % | 0.00 | % | 0.09 | % | 0.01 | % | 0.03 | % | -0.01 | % | |||||||
| Nonperforming loans to total<br> loans | 0.25 | % | 0.38 | % | 0.38 | % | 0.19 | % | 0.24 | % | 0.25 | % | 0.24 | % | |||||||
| Nonperforming assets to total<br> assets | 0.20 | % | 0.31 | % | 0.31 | % | 0.17 | % | 0.21 | % | 0.20 | % | 0.21 | % | |||||||
| Allowance for credit losses -<br> loans to total loans | 1.23 | % | 1.23 | % | 1.24 | % | 1.23 | % | 1.26 | % | 1.23 | % | 1.26 | % | |||||||
| Loan Portfolio Composition: | |||||||||||||||||||||
| Commercial/industrial | $ | 647,086 | $ | 654,452 | $ | 628,527 | $ | 507,850 | $ | 500,352 | $ | 647,086 | $ | 500,352 | |||||||
| Commercial real estate - owner<br> occupied | 880,723 | 861,650 | 841,749 | 973,578 | 968,837 | 880,723 | 968,837 | ||||||||||||||
| Commercial real estate - non-owner<br> occupied | 492,525 | 510,535 | 518,636 | 460,077 | 459,431 | 492,525 | 459,431 | ||||||||||||||
| Multi-family | 402,053 | 372,031 | 377,218 | 355,003 | 326,408 | 402,053 | 326,408 | ||||||||||||||
| Construction and development | 215,518 | 262,439 | 249,857 | 278,475 | 277,971 | 215,518 | 277,971 | ||||||||||||||
| Residential 1-4 family | 894,979 | 897,518 | 891,685 | 903,280 | 913,187 | 894,979 | 913,187 | ||||||||||||||
| Consumer<br> and other | 71,767 | 71,038 | 72,685 | 69,807 | 70,982 | 71,767 | 70,982 | ||||||||||||||
| Total | $ | 3,604,651 | $ | 3,629,663 | $ | 3,580,357 | $ | 3,548,070 | $ | 3,517,168 | $ | 3,604,651 | $ | 3,517,168 | |||||||
| Share Repurchases: | |||||||||||||||||||||
| Total number of shares repurchased | - | - | 143,720 | 61,882 | - | 205,602 | 372,402 | ||||||||||||||
| Total dollar of shares repurchased | $ | - | $ | - | $ | 15,622 | $ | 6,381 | $ | - | $ | 22,003 | $ | 31,227 | |||||||
| Non-GAAP Financial Measures: | |||||||||||||||||||||
| Adjusted net income reconciliation | |||||||||||||||||||||
| Net income (GAAP) | $ | 18,390 | $ | 17,990 | $ | 16,875 | $ | 18,241 | $ | 17,540 | $ | 71,496 | $ | 65,563 | |||||||
| Acquisition related expenses | 663 | 862 | - | - | - | 1,525 | - | ||||||||||||||
| Loss on razing of branch building | 879 | - | - | - | - | 879 | - | ||||||||||||||
| Gains on<br> sales of securities and OREO valuations | - | - | (159 | ) | - | (186 | ) | (159 | ) | (660 | ) | ||||||||||
| Adjusted net income before income<br> tax impact | 19,932 | 18,852 | 16,716 | 18,241 | 17,354 | 73,741 | 64,903 | ||||||||||||||
| Income tax<br> impact of adjustments | (307 | ) | (74 | ) | 33 | - | 39 | (348 | ) | 139 | |||||||||||
| Adjusted<br> net income (non-GAAP) | $ | 19,625 | $ | 18,778 | $ | 16,749 | $ | 18,241 | $ | 17,393 | $ | 73,393 | $ | 65,042 | |||||||
| Adjusted earnings per share calculation | |||||||||||||||||||||
| Adjusted net income (non-GAAP) | $ | 19,625 | $ | 18,778 | $ | 16,749 | $ | 18,241 | $ | 17,393 | $ | 73,393 | $ | 65,042 | |||||||
| Weighted average common shares outstanding for<br> the period | 9,834,567 | 9,834,002 | 9,901,391 | 10,001,009 | 10,012,013 | 9,892,125 | 10,083,647 | ||||||||||||||
| Adjusted earnings per share (non-GAAP) | $ | 2.00 | $ | 1.91 | $ | 1.69 | $ | 1.82 | $ | 1.74 | $ | 7.42 | $ | 6.45 | |||||||
| Annualized return of adjusted<br> earnings on average assets calculation | |||||||||||||||||||||
| Adjusted net income (non-GAAP) | $ | 19,625 | $ | 18,778 | $ | 16,749 | $ | 18,241 | $ | 17,393 | $ | 73,393 | $ | 65,042 | |||||||
| Average total assets | $ | 4,421,837 | $ | 4,350,555 | $ | 4,407,112 | $ | 4,498,891 | $ | 4,360,469 | $ | 4,419,199 | $ | 4,208,236 | |||||||
| Annualized return of adjusted<br> earnings on average assets (non-GAAP) | 1.76 | % | 1.71 | % | 1.52 | % | 1.64 | % | 1.60 | % | 1.66 | % | 1.55 | % | |||||||
| Average tangible common equity<br> reconciliation | |||||||||||||||||||||
| Total average stockholders’<br> equity (GAAP) | $ | 636,418 | $ | 620,153 | $ | 623,861 | $ | 645,708 | $ | 634,137 | $ | 631,478 | $ | 619,784 | |||||||
| Average goodwill | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | |||||||
| Average<br> core deposit intangible, net of amortization | (16,955 | ) | (18,144 | ) | (19,397 | ) | (20,646 | ) | (21,860 | ) | (18,774 | ) | (24,093 | ) | |||||||
| Average<br> tangible common equity (non-GAAP) | $ | 444,357 | $ | 426,903 | $ | 429,358 | $ | 449,956 | $ | 437,171 | $ | 437,598 | $ | 420,585 | |||||||
| Return on average tangible common<br> equity calculation* | |||||||||||||||||||||
| Average tangible common equity<br> (non-GAAP) | $ | 444,357 | $ | 426,903 | $ | 429,358 | $ | 449,956 | $ | 437,171 | $ | 437,598 | $ | 420,585 | |||||||
| Net income | $ | 18,390 | $ | 17,990 | $ | 16,875 | $ | 18,241 | $ | 17,540 | $ | 71,496 | $ | 65,563 | |||||||
| Return on average tangible common<br> equity* | 16.42 | % | 16.72 | % | 15.76 | % | 16.44 | % | 15.96 | % | 16.34 | % | 15.59 | % | |||||||
| Tangible assets reconciliation | |||||||||||||||||||||
| Total assets (GAAP) | $ | 4,506,095 | $ | 4,420,411 | $ | 4,365,082 | $ | 4,505,065 | $ | 4,495,060 | $ | 4,506,095 | $ | 4,495,060 | |||||||
| Goodwill | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | |||||||
| Core deposit<br> intangible, net of amortization | (16,200 | ) | (17,404 | ) | (18,632 | ) | (19,905 | ) | (21,203 | ) | (16,200 | ) | (21,203 | ) | |||||||
| Tangible<br> assets (non-GAAP) | $ | 4,314,789 | $ | 4,227,901 | $ | 4,171,344 | $ | 4,310,054 | $ | 4,298,751 | $ | 4,314,789 | $ | 4,298,751 | |||||||
| Tangible common equity reconciliation | |||||||||||||||||||||
| Total stockholders’ equity<br> (GAAP) | $ | 643,836 | $ | 628,125 | $ | 612,333 | $ | 648,414 | $ | 639,683 | $ | 643,836 | $ | 639,683 | |||||||
| Goodwill | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | |||||||
| Core deposit<br> intangible, net of amortization | (16,200 | ) | (17,404 | ) | (18,632 | ) | (19,905 | ) | (21,203 | ) | (16,200 | ) | (21,203 | ) | |||||||
| Tangible<br> common equity (non-GAAP) | $ | 452,530 | $ | 435,615 | $ | 418,595 | $ | 453,403 | $ | 443,374 | $ | 452,530 | $ | 443,374 | |||||||
| Tangible book value per common share calculation | |||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 452,530 | $ | 435,615 | $ | 418,595 | $ | 453,403 | $ | 443,374 | $ | 452,530 | $ | 443,374 | |||||||
| Common shares outstanding at<br> the end of the period | 9,834,623 | 9,834,083 | 9,833,476 | 9,973,276 | 10,012,088 | 9,834,623 | 10,012,088 | ||||||||||||||
| Tangible book value per common share (non-GAAP) | $ | 46.01 | $ | 44.30 | $ | 42.57 | $ | 45.46 | $ | 44.28 | $ | 46.01 | $ | 44.28 | |||||||
| Tangible equity to tangible assets<br> calculation | |||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 452,530 | $ | 435,615 | $ | 418,595 | $ | 453,403 | $ | 443,374 | $ | 452,530 | $ | 443,374 | |||||||
| Tangible assets (non-GAAP) | $ | 4,314,789 | $ | 4,227,901 | $ | 4,171,344 | $ | 4,310,054 | $ | 4,298,751 | $ | 4,314,789 | $ | 4,298,751 | |||||||
| Tangible equity to tangible assets<br> (non-GAAP) | 10.49 | % | 10.30 | % | 10.04 | % | 10.52 | % | 10.31 | % | 10.49 | % | 10.31 | % |
* Components of the quarterly ratios were annualized.
Bank First Corporation
Averageassets, liabilities and stockholders' equity, and average rates earned or paid
| Three Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | December 31, 2024 | |||||||||||||||||
| Average<br> Balance | Interest<br> Income/<br> Expenses (1) | Rate Earned/<br> Paid (1) | Average<br> Balance | Interest<br> Income/<br> Expenses (1) | Rate Earned/<br> Paid (1) | |||||||||||||
| (dollars in thousands) | ||||||||||||||||||
| ASSETS | ||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||
| Loans (2) | ||||||||||||||||||
| Taxable | $ | 3,490,233 | 203,389 | 5.83 | % | $ | 3,361,895 | $ | 187,480 | 5.58 | % | |||||||
| Tax-exempt | 125,697 | 6,738 | 5.36 | % | 121,079 | 6,115 | 5.05 | % | ||||||||||
| Securities | ||||||||||||||||||
| Taxable (available for sale) | 159,944 | 6,881 | 4.30 | % | 116,580 | 5,920 | 5.08 | % | ||||||||||
| Tax-exempt (available for sale) | 32,288 | 1,122 | 3.47 | % | 33,092 | 1,124 | 3.40 | % | ||||||||||
| Taxable (held to maturity) | 103,435 | 4,168 | 4.03 | % | 114,484 | 4,227 | 3.69 | % | ||||||||||
| Tax-exempt (held to maturity) | 2,395 | 65 | 2.71 | % | 3,196 | 84 | 2.63 | % | ||||||||||
| Cash and due from banks | 106,007 | 3,998 | 3.77 | % | 212,364 | 10,433 | 4.91 | % | ||||||||||
| Total interest-earning assets | 4,019,999 | 226,361 | 5.63 | % | 3,962,690 | 215,383 | 5.44 | % | ||||||||||
| Noninterest-earning assets | 446,355 | 442,615 | ||||||||||||||||
| Allowance for credit losses - loans | (44,517 | ) | (44,836 | ) | ||||||||||||||
| Total assets | $ | 4,421,837 | $ | 4,360,469 | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||
| Checking accounts | $ | 414,353 | $ | 7,925 | 1.91 | % | $ | 403,854 | $ | 10,524 | 2.61 | % | ||||||
| Savings accounts | 850,022 | 11,859 | 1.40 | % | 817,029 | 12,202 | 1.49 | % | ||||||||||
| Money market accounts | 660,711 | 14,624 | 2.21 | % | 633,964 | 15,168 | 2.39 | % | ||||||||||
| Certificates of deposit | 648,292 | 23,822 | 3.67 | % | 633,261 | 26,918 | 4.25 | % | ||||||||||
| Brokered Deposits | 15,109 | 597 | 3.95 | % | 20,085 | 816 | 4.06 | % | ||||||||||
| Total interest-bearing deposits | 2,588,487 | 58,827 | 2.27 | % | 2,508,193 | 65,628 | 2.62 | % | ||||||||||
| Other borrowed funds | 143,930 | 6,518 | 4.53 | % | 147,416 | 6,745 | 4.58 | % | ||||||||||
| Total interest-bearing liabilities | 2,732,417 | 65,345 | 2.39 | % | 2,655,609 | 72,373 | 2.73 | % | ||||||||||
| Noninterest-bearing liabilities | ||||||||||||||||||
| Demand Deposits | 1,014,339 | 1,037,501 | ||||||||||||||||
| Other liabilities | 38,663 | 33,222 | ||||||||||||||||
| Total Liabilities | 3,785,419 | 3,726,332 | ||||||||||||||||
| Shareholders' equity | 636,418 | 634,137 | ||||||||||||||||
| Total liabilities & shareholders' equity | $ | 4,421,837 | $ | 4,360,469 | ||||||||||||||
| Net interest income on a fully taxable | ||||||||||||||||||
| equivalent basis | 161,016 | 143,010 | ||||||||||||||||
| Less taxable equivalent adjustment | (1,664 | ) | (1,538 | ) | ||||||||||||||
| Net interest income | $ | 159,352 | $ | 141,472 | ||||||||||||||
| Net interest spread (3) | 3.24 | % | 2.71 | % | ||||||||||||||
| Net interest margin (4) | 4.01 | % | 3.61 | % |
(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
Averageassets, liabilities and stockholders' equity, and average rates earned or paid
| Year ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | December 31, 2024 | |||||||||||||||||
| Average <br> Balance | Interest<br> Income/<br> Expenses (1) | Rate Earned/<br> Paid (1) | Average <br> Balance | Interest<br> Income/<br> Expenses (1) | Rate Earned/<br> Paid (1) | |||||||||||||
| (dollars in thousands) | ||||||||||||||||||
| ASSETS | ||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||
| Loans (2) | ||||||||||||||||||
| Taxable | $ | 3,452,389 | $ | 198,332 | 5.74 | % | $ | 3,310,890 | $ | 184,853 | 5.58 | % | ||||||
| Tax-exempt | 127,652 | 6,743 | 5.28 | % | 111,467 | 5,258 | 4.72 | % | ||||||||||
| Securities | ||||||||||||||||||
| Taxable (available for sale) | 164,519 | 7,122 | 4.33 | % | 129,832 | 6,146 | 4.73 | % | ||||||||||
| Tax-exempt (available for sale) | 31,750 | 1,124 | 3.54 | % | 33,204 | 1,130 | 3.40 | % | ||||||||||
| Taxable (held to maturity) | 105,994 | 4,241 | 4.00 | % | 108,849 | 4,242 | 3.90 | % | ||||||||||
| Tax-exempt (held to maturity) | 2,595 | 70 | 2.70 | % | 3,435 | 90 | 2.62 | % | ||||||||||
| Cash, due from banks and other | 133,719 | 5,750 | 4.30 | % | 111,379 | 6,046 | 5.43 | % | ||||||||||
| Total interest-earning assets | 4,018,618 | 223,382 | 5.56 | % | 3,809,056 | 207,765 | 5.45 | % | ||||||||||
| Noninterest-earning assets | 444,929 | 443,691 | ||||||||||||||||
| Allowance for loan losses | (44,348 | ) | (44,511 | ) | ||||||||||||||
| Total assets | $ | 4,419,199 | $ | 4,208,236 | ||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||
| Checking accounts | $ | 451,898 | $ | 10,404 | 2.30 | % | $ | 401,990 | $ | 11,132 | 2.77 | % | ||||||
| Savings accounts | 841,486 | 12,133 | 1.44 | % | 816,410 | 12,240 | 1.50 | % | ||||||||||
| Money market accounts | 668,106 | 15,879 | 2.38 | % | 616,964 | 14,880 | 2.41 | % | ||||||||||
| Certificates of deposit | 640,004 | 24,498 | 3.83 | % | 613,593 | 25,613 | 4.17 | % | ||||||||||
| Brokered Deposits | 18,292 | 736 | 4.02 | % | 7,662 | 303 | 3.95 | % | ||||||||||
| Total interest-bearing deposits | 2,619,786 | 63,650 | 2.43 | % | 2,456,619 | 64,168 | 2.61 | % | ||||||||||
| Other borrowed funds | 140,276 | 6,407 | 4.57 | % | 98,241 | 4,437 | 4.52 | % | ||||||||||
| Total interest-bearing liabilities | 2,760,062 | 70,057 | 2.54 | % | 2,554,860 | 68,605 | 2.69 | % | ||||||||||
| Noninterest-bearing liabilities | ||||||||||||||||||
| Demand Deposits | 991,160 | 1,000,772 | ||||||||||||||||
| Other liabilities | 36,499 | 32,820 | ||||||||||||||||
| Total Liabilities | 3,787,721 | 3,588,452 | ||||||||||||||||
| Stockholders' equity | 631,478 | 619,784 | ||||||||||||||||
| Total liabilities & stockholders' equity | $ | 4,419,199 | $ | 4,208,236 | ||||||||||||||
| Net interest income on a fully taxable<br> equivalent basis | 153,325 | 139,160 | ||||||||||||||||
| Less taxable equivalent adjustment | (1,667 | ) | (1,360 | ) | ||||||||||||||
| Net interest income | $ | 151,658 | $ | 137,800 | ||||||||||||||
| Net interest spread (3) | 3.02 | % | 2.77 | % | ||||||||||||||
| Net interest margin (4) | 3.82 | % | 3.65 | % |
(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.