Exhibit 99.1

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

Net income of $16.9 million and $35.1 million for the three and six months ended June 30, 2025, respectively

Earnings per common share of $1.71 and $3.53 for the three and six months ended June 30, 2025, respectively

Annualized return on average assets of 1.54% and 1.59% for the three and six months ended June 30, 2025, respectively

Quarterly cash dividend of $0.45 per share declared, matching the prior quarter and 12.5% higher than the prior-year second quarter

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.

# # #

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)

(In thousands, except share and per share data)	At or for the Three Months Ended															At or for the Six Months Ended
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024			6/30/2025			6/30/2024
Results of Operations:
Interest income	$	54,575		$	55,048		$	53,754		$	54,032		$	49,347		$	109,623		$	98,619
Interest expense		17,873			18,511			18,193			18,149			16,340			36,384			32,263
Net interest income		36,702			36,537			35,561			35,883			33,007			73,239			66,356
Provision for credit losses		200			400			(1,000	)		-			-			600			200
Net interest income after provision for credit losses		36,502			36,137			36,561			35,883			33,007			72,639			66,156
Noninterest income		4,921			6,588			4,513			4,893			5,877			11,509			10,274
Noninterest expense		20,756			20,604			19,286			20,100			19,057			41,360			39,381
Income before income tax expense		20,667			22,121			21,788			20,676			19,827			42,788			37,049
Income tax expense		3,792			3,880			4,248			4,124			3,768			7,672			5,578
Net income	$	16,875		$	18,241		$	17,540		$	16,552		$	16,059		$	35,116		$	31,471

Earnings per Common Share (Basic and Diluted)	$	1.71		$	1.82		$	1.75		$	1.65		$	1.59		$	3.53		$	3.10

Common Shares:
Outstanding		9,833,476			9,973,276			10,012,088			10,011,428			10,031,350			9,833,476			10,031,350
Weighted average outstanding for the period		9,901,391			10,001,009			10,012,013			10,012,190			10,078,611			9,950,925			10,155,979

Noninterest Income / Noninterest Expense:
Service charges	$	2,053		$	2,011		$	2,119		$	2,189		$	2,101		$	4,064		$	3,735
Income from Ansay		1,153			1,181			82			1,062			1,379			2,334			2,358
Loan servicing income		733			732			744			733			735			1,465			1,461
Valuation adjustment on mortgage servicing rights		(99	)		175			18			(344	)		339			76			27
Net gain on sales of mortgage loans		338			334			424			377			277			672			496
Other noninterest income		743			2,155			1,126			876			1,046			2,898			2,197
Total noninterest income	$	4,921		$	6,588		$	4,513		$	4,893		$	5,877		$	11,509		$	10,274

Personnel expense	$	10,427		$	10,985		$	9,886		$	10,118		$	10,004		$	21,412		$	20,897
Occupancy, equipment and office		1,922			1,591			1,445			1,598			1,330			3,513			2,914
Data processing		2,620			2,444			2,687			2,502			2,114			5,064			4,503
Postage, stationery and supplies		270			240			229			213			205			510			443
Advertising		61			65			78			61			79			126			174
Charitable contributions		274			476			200			183			234			750			410
Outside service fees		1,135			788			1,135			1,103			1,446			1,923			2,322
Federal deposit insurance		630			630			495			495			443			1,260			860
Net loss (gain) on other real estate owned		(159	)		-			(186	)		-			(461	)		(159	)		(508	)
Net loss on sales of securities		-			-			-			-			-			-			34
Amortization of intangibles		1,273			1,298			1,389			1,429			1,475			2,571			2,975
Other noninterest expense		2,303			2,087			1,928			2,398			2,188			4,390			4,357
Total noninterest expense	$	20,756		$	20,604		$	19,286		$	20,100		$	19,057		$	41,360		$	39,381

Period-end Balances:
Cash and cash equivalents	$	120,328		$	300,865		$	261,332		$	204,427		$	98,950		$	120,328		$	98,950
Securities available-for-sale, at fair value		167,209			163,743			223,061			128,438			127,977			167,209			127,977
Securities held-to-maturity, at cost		109,854			110,241			110,756			109,236			110,648			109,854			110,648
Loans		3,580,357			3,548,070			3,517,168			3,470,920			3,428,635			3,580,357			3,428,635
Allowance for credit losses - loans		(44,292	)		(43,749	)		(44,151	)		(45,212	)		(45,118	)		(44,292	)		(45,118	)
Premises and equipment, net		75,667			72,670			71,108			69,710			68,633			75,667			68,633
Goodwill and core deposit intangible, net		193,738			195,011			196,309			197,698			199,127			193,738			199,127
Mortgage servicing rights		13,445			13,544			13,369			13,351			13,694			13,445			13,694
Other assets		148,776			144,670			146,108			145,930			143,274			148,776			143,274
Total assets		4,365,082			4,505,065			4,495,060			4,294,498			4,145,820			4,365,082			4,145,820

Deposits
Interest-bearing		2,605,397			2,666,693			2,636,193			2,463,083			2,424,096			2,605,397			2,424,096
Noninterest-bearing		990,027			1,007,525			1,024,880			1,021,658			975,845			990,027			975,845
Borrowings		121,915			146,890			147,372			147,346			102,321			121,915			102,321
Other liabilities		35,410			35,543			46,932			33,516			28,979			35,410			28,979
Total liabilities		3,752,749			3,856,651			3,855,377			3,665,603			3,531,241			3,752,749			3,531,241

Stockholders' equity		612,333			648,414			639,683			628,895			614,579			612,333			614,579

Book value per common share	$	62.27		$	65.02		$	63.89		$	62.82		$	61.27		$	62.27		$	61.27
Tangible book value per common share (non-GAAP)	$	42.57		$	45.46		$	44.28		$	43.07		$	41.42		$	42.57		$	41.42

Average Balances:
Loans	$	3,560,945		$	3,541,995		$	3,482,974		$	3,450,423		$	3,399,906		$	3,551,522		$	3,377,526
Interest-earning assets		4,006,981			4,100,846			3,962,690			3,833,968			3,696,099			4,053,653			3,718,801
Goodwill and other intangibles, net		194,503			195,752			196,966			198,493			199,959			195,124			200,684
Total assets		4,407,112			4,498,891			4,360,469			4,231,112			4,094,542			4,452,748			4,119,719
Deposits		3,596,755			3,672,039			3,545,694			3,435,172			3,401,828			3,634,190			3,423,985
Interest-bearing liabilities		2,762,544			2,837,182			2,655,609			2,583,382			2,466,726			2,799,658			2,489,514
Stockholders' equity		623,861			645,708			634,137			620,821			610,818			634,724			612,004

Financial Ratios:
Return on average assets *		1.54	%		1.64	%		1.60	%		1.56	%		1.58	%		1.59	%		1.54	%
Return on average common equity *		10.85	%		11.46	%		11.00	%		10.61	%		10.57	%		11.16	%		10.34	%
Return on average tangible common equity (non-GAAP)*		15.76	%		16.44	%		15.96	%		15.59	%		15.72	%		16.11	%		15.39	%
Average equity to average assets		14.16	%		14.35	%		14.54	%		14.67	%		14.92	%		14.25	%		14.86	%
Stockholders' equity to assets		14.03	%		14.39	%		14.23	%		14.64	%		14.82	%		14.03	%		14.82	%
Tangible equity to tangible assets (non-GAAP)		10.04	%		10.52	%		10.31	%		10.53	%		10.53	%		10.04	%		10.53	%
Net interest margin, taxable equivalent *		3.72	%		3.65	%		3.61	%		3.76	%		3.63	%		3.69	%		3.62	%
Net loan charge-offs (recoveries) to average loans *		0.00	%		0.09	%		0.01	%		0.04	%		-0.05	%		0.05	%		-0.05	%
Nonperforming loans to total loans		0.38	%		0.19	%		0.24	%		0.32	%		0.31	%		0.38	%		0.31	%
Nonperforming assets to total assets		0.31	%		0.17	%		0.21	%		0.28	%		0.27	%		0.31	%		0.27	%
Allowance for credit losses - loans to total loans		1.24	%		1.23	%		1.26	%		1.30	%		1.32	%		1.24	%		1.32	%

Loan Portfolio Composition:
Commercial/industrial	$	628,527		$	507,850		$	500,352		$	517,816		$	507,406		$	628,527		$	507,406
Commercial real estate - owner occupied		841,749			973,578			968,837			938,730			920,521			841,749			920,521
Commercial real estate - non-owner occupied		518,636			460,077			459,431			463,323			472,272			518,636			472,272
Multi-family		377,218			355,003			326,408			329,458			333,461			377,218			333,461
Construction and development		249,857			278,475			277,971			246,445			229,934			249,857			229,934
Residential 1-4 family		891,685			903,280			913,187			904,273			897,087			891,685			897,087
Consumer and other		72,685			69,807			70,982			70,875			67,954			72,685			67,954
Total	$	3,580,357		$	3,548,070		$	3,517,168		$	3,470,920		$	3,428,635		$	3,580,357		$	3,428,635

Share Repurchases:
Total number of shares repurchased		143,720			61,882			-			20,748			98,623			205,602			359,816
Total dollar of shares repurchased	$	15,661,618		$	6,380,519		$	-		$	1,701,336		$	7,948,028		$	22,042,137		$	30,219,955

Non-GAAP Financial Measures:
Average tangible common equity reconciliation
Total average stockholders’ equity (GAAP)	$	623,861		$	645,708		$	634,137		$	620,821		$	610,818		$	634,724		$	612,004
Average goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Average core deposit intangible, net of amortization		(19,397	)		(20,646	)		(21,860	)		(23,387	)		(24,853	)		(20,018	)		(25,578	)
Average tangible common equity (non-GAAP)	$	429,358		$	449,956		$	437,171		$	422,328		$	410,859		$	439,600		$	411,320

Return on average tangible common equity calculation*
Average tangible common equity (non-GAAP)	$	429,358		$	449,956		$	437,171		$	422,328		$	410,859		$	439,600		$	411,320
Net income	$	16,875		$	18,241		$	17,540		$	16,552		$	16,059		$	35,116		$	31,471
Return on average tangible common equity*		15.76	%		16.44	%		15.96	%		15.59	%		15.72	%		16.11	%		15.39	%

Tangible assets reconciliation
Total assets (GAAP)	$	4,365,082		$	4,505,065		$	4,495,060		$	4,294,498		$	4,145,820		$	4,365,082		$	4,145,820
Goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Core deposit intangible, net of amortization		(18,632	)		(19,905	)		(21,203	)		(22,592	)		(24,021	)		(18,632	)		(24,021	)
Tangible assets (non-GAAP)	$	4,171,344		$	4,310,054		$	4,298,751		$	4,096,800		$	3,946,693		$	4,171,344		$	3,946,693

Tangible common equity reconciliation
Total stockholders’ equity (GAAP)	$	612,333		$	648,414		$	639,683		$	628,895		$	614,579		$	612,333		$	614,579
Goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Core deposit intangible, net of amortization		(18,632	)		(19,905	)		(21,203	)		(22,592	)		(24,021	)		(18,632	)		(24,021	)
Tangible common equity (non-GAAP)	$	418,595		$	453,403		$	443,374		$	431,197		$	415,452		$	418,595		$	415,452

Tangible book value per common share calculation
Tangible common equity (non-GAAP)	$	418,595		$	453,403		$	443,374		$	431,197		$	415,452		$	418,595		$	415,452
Common shares outstanding at the end of the period		9,833,476			9,973,276			10,012,088			10,011,428			10,031,350			9,833,476			10,031,350
Tangible book value per common share (non-GAAP)	$	42.57		$	45.46		$	44.28		$	43.07		$	41.42		$	42.57		$	41.42

Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)	$	418,595		$	453,403		$	443,374		$	431,197		$	415,452		$	418,595		$	415,452
Tangible assets (non-GAAP)	$	4,171,344		$	4,310,054		$	4,298,751		$	4,096,800		$	3,946,693		$	4,171,344		$	3,946,693
Tangible equity to tangible assets (non-GAAP)		10.04	%		10.52	%		10.31	%		10.53	%		10.53	%		10.04	%		10.53	%

* Components of the quarterly ratios were annualized.

Bank First Corporation

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

	Three Months Ended
	June 30, 2025									June 30, 2024
	Average Balance			Interest Income/ Expenses (1)			Rate Earned/ Paid (1)			Average Balance			Interest Income/ Expenses (1)			Rate Earned/ Paid (1)
	(dollars in thousands)
ASSETS
Interest-earning assets
Loans (2)
Taxable	$	3,432,506			194,859			5.68	%	$	3,293,213		$	182,549			5.54	%
Tax-exempt		128,439			6,818			5.31	%		106,693			4,895			4.59	%
Securities
Taxable (available for sale)		159,275			6,913			4.34	%		123,616			4,862			3.93	%
Tax-exempt (available for sale)		30,855			1,115			3.61	%		32,888			1,139			3.46	%
Taxable (held to maturity)		106,783			4,282			4.01	%		108,037			4,283			3.96	%
Tax-exempt (held to maturity)		2,404			66			2.75	%		3,217			85			2.64	%
Cash and due from banks		146,719			6,526			4.45	%		28,435			1,945			6.84	%
Total interest-earning assets		4,006,981			220,579			5.50	%		3,696,099			199,758			5.40	%
Noninterest-earning assets		444,194									442,843
Allowance for credit losses - loans		(44,063	)								(44,400	)
Total assets	$	4,407,112								$	4,094,542
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	453,918		$	11,443			2.52	%	$	400,135		$	11,825			2.96	%
Savings accounts		838,709			12,211			1.46	%		814,980			12,218			1.50	%
Money market accounts		667,685			16,142			2.42	%		595,018			14,193			2.39	%
Certificates of deposit		635,509			24,362			3.83	%		605,071			25,273			4.18	%
Brokered Deposits		20,097			814			4.05	%		748			17			2.27	%
Total interest-bearing deposits		2,615,918			64,972			2.48	%		2,415,952			63,526			2.63	%
Other borrowed funds		146,626			6,713			4.58	%		50,774			2,195			4.32	%
Total interest-bearing liabilities		2,762,544			71,685			2.59	%		2,466,726			65,721			2.66	%
Noninterest-bearing liabilities
Demand Deposits		980,837									985,876
Other liabilities		39,870									31,122
Total Liabilities		3,783,251									3,483,724
Shareholders' equity		623,861									610,818
Total liabilities & shareholders' equity	$	4,407,112								$	4,094,542

Net interest income on a fully taxable equivalent basis					148,894									134,037
Less taxable equivalent adjustment					(1,680	)								(1,285	)
Net interest income				$	147,214								$	132,752
Net interest spread (3)								2.91	%								2.74	%
Net interest margin (4)								3.72	%								3.63	%

(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

	Six Months Ended
	June 30, 2025									June 30, 2024
	Average Balance			Interest Income/ Expenses (1)			Rate Earned/ Paid (1)			Average Balance			Interest Income/ Expenses (1)			Rate Earned/ Paid (1)
	(dollars in thousands)
ASSETS
Interest-earning assets
Loans (2)
Taxable	$	3,448,515		$	194,542			5.64	%	$	3,270,089		$	179,602			5.49	%
Tax-exempt		103,007			6,852			6.65	%		107,437			4,873			4.54	%
Securities
Taxable (available for sale)		169,740			7,435			4.38	%		142,985			6,143			4.30	%
Tax-exempt (available for sale)		31,771			1,132			3.56	%		33,409			1,140			3.41	%
Taxable (held to maturity)		107,210			4,274			3.99	%		107,193			4,266			3.98	%
Tax-exempt (held to maturity)		2,797			75			2.68	%		3,677			96			2.61	%
Cash, due from banks and other		190,613			8,445			4.43	%		54,011			3,484			6.45	%
Total interest-earning assets		4,053,653			222,755			5.50	%		3,718,801			199,604			5.37	%
Noninterest-earning assets		443,235									444,965
Allowance for loan losses		(44,140	)								(44,047	)
Total assets	$	4,452,748								$	4,119,719
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	485,115		$	12,098			2.49	%	$	410,955		$	11,669			2.84	%
Savings accounts		834,917			12,139			1.45	%		813,963			12,048			1.48	%
Money market accounts		675,522			16,412			2.43	%		616,236			14,674			2.38	%
Certificates of deposit		637,214			25,186			3.95	%		597,593			24,308			4.07	%
Brokered Deposits		20,095			815			4.06	%		748			17			2.27	%
Total interest-bearing deposits		2,652,863			66,650			2.51	%		2,439,495			62,716			2.57	%
Other borrowed funds		146,795			6,721			4.58	%		50,019			2,165			4.33	%
Total interest-bearing liabilities		2,799,658			73,371			2.62	%		2,489,514			64,881			2.61	%
Noninterest-bearing liabilities
Demand Deposits		981,327									984,490
Other liabilities		37,039									33,711
Total Liabilities		3,818,024									3,507,715
Stockholders' equity		634,724									612,004
Total liabilities & stockholders' equity	$	4,452,748								$	4,119,719
Net interest income on a fully taxable equivalent basis					149,384									134,723
Less taxable equivalent adjustment					(1,693	)								(1,283	)
Net interest income				$	147,691								$	133,440
Net interest spread (3)								2.87	%								2.76	%
Net interest margin (4)								3.69	%								3.62	%

(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 Corp 8-K