Exhibit 99.1

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

Net income of $18.0 million and $53.1 million for the three and nine months ended September 30, 2025, respectively

Earnings per common share of $1.83 and $5.36 for the three and nine months ended September 30, 2025, respectively

Annualized return on average assets of 1.64% and 1.61% for the three and nine months ended September 30, 2025, respectively

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.

# # #

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 Nine Months Ended
		9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024			9/30/2025			9/30/2024
Results of Operations:
Interest income	$	55,456		$	54,575		$	55,048		$	53,754		$	54,032		$	165,079		$	152,651
Interest expense		17,203			17,873			18,511			18,193			18,149			53,587			50,412
Net interest income		38,253			36,702			36,537			35,561			35,883			111,492			102,239
Provision for credit losses		650			200			400			(1,000	)		-			1,250			200
Net interest income after provision for credit losses		37,603			36,502			36,137			36,561			35,883			110,242			102,039
Noninterest income		5,953			4,921			6,588			4,513			4,893			17,462			15,167
Noninterest expense		21,086			20,756			20,604			19,286			20,100			62,446			59,481
Income before income tax expense		22,470			20,667			22,121			21,788			20,676			65,258			57,725
Income tax expense		4,480			3,792			3,880			4,248			4,124			12,152			9,702
Net income	$	17,990		$	16,875		$	18,241		$	17,540		$	16,552		$	53,106		$	48,023

Earnings per Common Share (Basic and Diluted)	$	1.83		$	1.71		$	1.82		$	1.75		$	1.65		$	5.36		$	4.75

Common Shares:
Outstanding		9,834,083			9,833,476			9,973,276			10,012,088			10,011,428			9,834,083			10,011,428
Weighted average outstanding for the period		9,834,002			9,901,391			10,001,009			10,012,013			10,012,190			9,911,522			10,107,700

Noninterest Income / Noninterest Expense:
Service charges	$	2,106		$	2,053		$	2,011		$	2,119		$	2,189		$	6,170		$	5,924
Income from Ansay		1,314			1,153			1,181			82			1,062			3,648			3,420
Loan servicing income		736			733			732			744			733			2,201			2,194
Valuation adjustment on mortgage servicing rights		250			(99	)		175			18			(344	)		326			(317	)
Net gain on sales of mortgage loans		482			338			334			424			377			1,154			873
Other noninterest income		1,065			743			2,155			1,126			876			3,963			3,073
Total noninterest income	$	5,953		$	4,921		$	6,588		$	4,513		$	4,893		$	17,462		$	15,167

Personnel expense	$	10,498		$	10,427		$	10,985		$	9,886		$	10,118		$	31,910		$	31,015
Occupancy, equipment and office		1,567			1,922			1,591			1,445			1,598			5,080			4,512
Data processing		2,506			2,620			2,444			2,687			2,502			7,570			7,005
Postage, stationery and supplies		165			259			217			224			221			641			708
Advertising		78			61			65			78			61			204			235
Charitable contributions		143			274			476			200			183			893			593
Outside service fees		1,818			1,135			788			1,135			1,103			3,741			3,425
Federal deposit insurance		540			630			630			495			495			1,800			1,355
Net gain on other real estate owned		-			(159	)		-			(186	)		-			(159	)		(508	)
Net loss on sales of securities		-			-			-			-			-			-			34
Amortization of intangibles		1,228			1,273			1,298			1,389			1,429			3,799			4,404
Other noninterest expense		2,543			2,314			2,110			1,933			2,390			6,967			6,703
Total noninterest expense	$	21,086		$	20,756		$	20,604		$	19,286		$	20,100		$	62,446		$	59,481

Period-end Balances:
Cash and cash equivalents	$	126,184		$	120,328		$	300,865		$	261,332		$	204,427		$	126,184		$	204,427
Securities available-for-sale, at fair value		167,125			167,209			163,743			223,061			128,438			167,125			128,438
Securities held-to-maturity, at cost		106,823			109,854			110,241			110,756			109,236			106,823			109,236
Loans		3,629,663			3,580,357			3,548,070			3,517,168			3,470,920			3,629,663			3,470,920
Allowance for credit losses - loans		(44,501	)		(44,292	)		(43,749	)		(44,151	)		(45,212	)		(44,501	)		(45,212	)
Premises and equipment, net		78,027			75,667			72,670			71,108			69,710			78,027			69,710
Goodwill and core deposit intangible, net		192,510			193,738			195,011			196,309			197,698			192,510			197,698
Mortgage servicing rights		13,696			13,445			13,544			13,369			13,351			13,696			13,351
Other assets		150,884			148,776			144,670			146,108			145,930			150,884			145,930
Total assets		4,420,411			4,365,082			4,505,065			4,495,060			4,294,498			4,420,411			4,294,498

Deposits
Interest-bearing		2,539,476			2,605,397			2,666,693			2,636,193			2,463,083			2,539,476			2,463,083
Noninterest-bearing		999,285			990,027			1,007,525			1,024,880			1,021,658			999,285			1,021,658
Borrowings		221,941			121,915			146,890			147,372			147,346			221,941			147,346
Other liabilities		31,584			35,410			35,543			46,932			33,516			31,584			33,516
Total liabilities		3,792,286			3,752,749			3,856,651			3,855,377			3,665,603			3,792,286			3,665,603

Stockholders' equity		628,125			612,333			648,414			639,683			628,895			628,125			628,895

Book value per common share	$	63.87		$	62.27		$	65.02		$	63.89		$	62.82		$	63.87		$	62.82
Tangible book value per common share (non-GAAP)	$	44.30		$	42.57		$	45.46		$	44.28		$	43.07		$	44.30		$	43.07

Average Balances:
Loans	$	3,600,259		$	3,560,945		$	3,541,995		$	3,482,974		$	3,450,423		$	3,567,946		$	3,402,001
Interest-earning assets		3,948,304			4,006,981			4,100,846			3,962,690			3,833,968			4,018,150			3,757,468
Goodwill and other intangibles, net		193,250			194,503			195,752			196,966			198,493			194,493			199,948
Total assets		4,350,555			4,407,112			4,498,891			4,360,469			4,231,112			4,418,310			4,157,121
Deposits		3,573,341			3,596,755			3,672,039			3,545,694			3,435,172			3,613,685			3,427,741
Interest-bearing liabilities		2,709,808			2,762,544			2,837,182			2,655,609			2,583,382			2,769,379			2,521,031
Stockholders' equity		620,153			623,861			645,708			634,137			620,821			629,813			614,965

Financial Ratios:
Return on average assets *		1.64	%		1.54	%		1.64	%		1.60	%		1.56	%		1.61	%		1.54	%
Return on average common equity *		11.51	%		10.85	%		11.46	%		11.00	%		10.61	%		11.27	%		10.43	%
Return on average tangible common equity (non-GAAP)*		16.72	%		15.76	%		16.44	%		15.96	%		15.76	%		16.31	%		15.46	%
Average equity to average assets		14.25	%		14.16	%		14.35	%		14.54	%		14.67	%		14.25	%		14.79	%
Stockholders' equity to assets		14.21	%		14.03	%		14.39	%		14.23	%		14.64	%		14.21	%		14.64	%
Tangible equity to tangible assets (non-GAAP)		10.30	%		10.04	%		10.52	%		10.31	%		10.53	%		10.30	%		10.53	%
Net interest margin, taxable equivalent *		3.88	%		3.72	%		3.65	%		3.61	%		3.76	%		3.75	%		3.67	%
Net loan charge-offs (recoveries) to average loans *		0.00	%		0.00	%		0.09	%		0.01	%		0.04	%		0.03	%		-0.03	%
Nonperforming loans to total loans		0.38	%		0.38	%		0.19	%		0.24	%		0.32	%		0.38	%		0.32	%
Nonperforming assets to total assets		0.31	%		0.31	%		0.17	%		0.21	%		0.28	%		0.31	%		0.28	%
Allowance for credit losses - loans to total loans		1.23	%		1.24	%		1.23	%		1.26	%		1.30	%		1.23	%		1.30	%

Loan Portfolio Composition:
Commercial/industrial	$	654,452		$	628,527		$	507,850		$	500,352		$	517,816		$	654,452		$	517,816
Commercial real estate - owner occupied		861,650			841,749			973,578			968,837			938,730			861,650			938,730
Commercial real estate - non-owner occupied		510,535			518,636			460,077			459,431			463,323			510,535			463,323
Multi-family		372,031			377,218			355,003			326,408			329,458			372,031			329,458
Construction and development		262,439			249,857			278,475			277,971			246,445			262,439			246,445
Residential 1-4 family		897,518			891,685			903,280			913,187			904,273			897,518			904,273
Consumer and other		71,038			72,685			69,807			70,982			70,875			71,038			70,875
Total	$	3,629,663		$	3,580,357		$	3,548,070		$	3,517,168		$	3,470,920		$	3,629,663		$	3,470,920

Share Repurchases:
Total number of shares repurchased		-			143,720			61,882			-			20,748			205,602			372,402
Total dollar of shares repurchased	$	-		$	15,622		$	6,381		$	-		$	1,701		$	22,003		$	31,227

Non-GAAP Financial Measures:
Adjusted net income reconciliation
Net income (GAAP)	$	17,990		$	16,875		$	18,241		$	17,540		$	16,552		$	53,106		$	48,023
Acquisition related expenses		862			-			-			-			-			862			-
Gains on sales of securities and OREO valuations		-			(159	)		-			(186	)		-			(159	)		(474	)
Adjusted net income before income tax impact		18,852			16,716			18,241			17,354			16,552			53,809			47,549
Income tax impact of adjustments		(74	)		33			-			39			-			(41	)		100
Adjusted net income (non-GAAP)	$	18,778		$	16,749		$	18,241		$	17,393		$	16,552		$	53,768		$	47,649

Adjusted earnings per share calculation
Adjusted net income (non-GAAP)	$	18,778		$	16,749		$	18,241		$	17,393		$	16,552		$	53,768		$	47,649
Weighted average common shares outstanding for the period		9,834,002			9,901,391			10,001,009			10,012,013			10,012,190			9,911,522			10,107,700
Adjusted earnings per share (non-GAAP)	$	1.91		$	1.69		$	1.82		$	1.74		$	1.65		$	5.42		$	4.71

Annualized return of adjusted earnings on average assets calculation
Adjusted net income (non-GAAP)	$	18,778		$	16,749		$	18,241		$	17,393		$	16,552		$	53,768		$	47,649
Average total assets	$	4,350,555		$	4,407,112		$	4,498,891		$	4,360,469		$	4,231,112		$	4,418,310		$	4,157,121
Annualized return of adjusted earnings on average assets (non-GAAP)		1.71	%		1.52	%		1.64	%		1.59	%		1.57	%		1.63	%		1.53	%

Average tangible common equity reconciliation
Total average stockholders’ equity (GAAP)	$	620,153		$	623,861		$	645,708		$	634,137		$	620,821		$	629,813		$	614,965
Average goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Average core deposit intangible, net of amortization		(18,144	)		(19,397	)		(20,646	)		(21,860	)		(23,387	)		(19,387	)		(24,842	)
Average tangible common equity (non-GAAP)	$	426,903		$	429,358		$	449,956		$	437,171		$	422,328		$	435,320		$	415,017

Return on average tangible common equity calculation*
Average tangible common equity (non-GAAP)	$	426,903		$	429,358		$	449,956		$	437,171		$	422,328		$	435,320		$	415,017
Net income	$	17,990		$	16,875		$	18,241		$	17,540		$	16,552		$	53,106		$	48,023
Return on average tangible common equity*		16.72	%		15.76	%		16.44	%		15.96	%		15.76	%		16.31	%		15.46	%

Tangible assets reconciliation
Total assets (GAAP)	$	4,420,411		$	4,365,082		$	4,505,065		$	4,495,060		$	4,294,498		$	4,420,411		$	4,294,498
Goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Core deposit intangible, net of amortization		(17,404	)		(18,632	)		(19,905	)		(21,203	)		(22,592	)		(17,404	)		(22,592	)
Tangible assets (non-GAAP)	$	4,227,901		$	4,171,344		$	4,310,054		$	4,298,751		$	4,096,800		$	4,227,901		$	4,096,800

Tangible common equity reconciliation
Total stockholders’ equity (GAAP)	$	628,125		$	612,333		$	648,414		$	639,683		$	628,895		$	628,125		$	628,895
Goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Core deposit intangible, net of amortization		(17,404	)		(18,632	)		(19,905	)		(21,203	)		(22,592	)		(17,404	)		(22,592	)
Tangible common equity (non-GAAP)	$	435,615		$	418,595		$	453,403		$	443,374		$	431,197		$	435,615		$	431,197

Tangible book value per common share calculation
Tangible common equity (non-GAAP)	$	435,615		$	418,595		$	453,403		$	443,374		$	431,197		$	435,615		$	431,197
Common shares outstanding at the end of the period		9,834,083			9,833,476			9,973,276			10,012,088			10,011,428			9,834,083			10,011,428
Tangible book value per common share (non-GAAP)	$	44.30		$	42.57		$	45.46		$	44.28		$	43.07		$	44.30		$	43.07

Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)	$	435,615		$	418,595		$	453,403		$	443,374		$	431,197		$	435,615		$	431,197
Tangible assets (non-GAAP)	$	4,227,901		$	4,171,344		$	4,310,054		$	4,298,751		$	4,096,800		$	4,227,901		$	4,096,800
Tangible equity to tangible assets (non-GAAP)		10.30	%		10.04	%		10.52	%		10.31	%		10.53	%		10.30	%		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
	September 30, 2025									September 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	$	3,475,420			200,735			5.78	%	$	3,340,597		$	192,615			5.77	%
Tax-exempt		124,839			6,532			5.23	%		109,826			5,161			4.70	%
Securities
Taxable (available for sale)		158,821			6,747			4.25	%		117,064			6,375			5.45	%
Tax-exempt (available for sale)		31,172			1,109			3.56	%		32,911			1,116			3.39	%
Taxable (held to maturity)		106,160			4,248			4.00	%		106,490			4,211			3.95	%
Tax-exempt (held to maturity)		2,395			65			2.71	%		3,196			84			2.63	%
Cash and due from banks		49,497			2,199			4.44	%		123,884			6,728			5.43	%
Total interest-earning assets		3,948,304			221,635			5.61	%		3,833,968			216,290			5.64	%
Noninterest-earning assets		446,841									442,248
Allowance for credit losses - loans		(44,590	)								(45,104	)
Total assets	$	4,350,555								$	4,231,112
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	424,093		$	9,549			2.25	%	$	382,388		$	10,680			2.79	%
Savings accounts		845,872			12,397			1.47	%		820,631			12,656			1.54	%
Money market accounts		660,912			16,086			2.43	%		601,409			14,997			2.49	%
Certificates of deposit		637,208			23,820			3.74	%		625,573			26,890			4.30	%
Brokered Deposits		17,929			720			4.02	%		8,918			357			4.00	%
Total interest-bearing deposits		2,586,014			62,572			2.42	%		2,438,919			65,580			2.69	%
Other borrowed funds		123,794			5,678			4.59	%		144,463			6,622			4.58	%
Total interest-bearing liabilities		2,709,808			68,250			2.52	%		2,583,382			72,202			2.79	%
Noninterest-bearing liabilities
Demand Deposits		987,327									996,253
Other liabilities		33,267									30,656
Total Liabilities		3,730,402									3,610,291
Shareholders' equity		620,153									620,821
Total liabilities & shareholders' equity	$	4,350,555								$	4,231,112
Net interest income on a fully taxable
equivalent basis					153,385									144,088
Less taxable equivalent adjustment					(1,619	)								(1,336	)
Net interest income				$	151,766								$	142,752
Net interest spread (3)								3.09	%								2.85	%
Net interest margin (4)								3.88	%								3.76	%

(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

	Nine Months Ended
	September 30, 2025									September 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	$	3,439,635		$	196,628			5.72	%	$	3,293,762		$	183,971			5.59	%
Tax-exempt		128,311			6,744			5.26	%		108,239			4,970			4.59	%
Securities
Taxable (available for sale)		166,060			7,203			4.34	%		134,281			6,221			4.63	%
Tax-exempt (available for sale)		31,569			1,124			3.56	%		33,242			1,132			3.41	%
Taxable (held to maturity)		106,856			4,266			3.99	%		106,957			4,248			3.97	%
Tax-exempt (held to maturity)		2,662			72			2.70	%		3,515			92			2.62	%
Cash, due from banks and other		143,057			6,340			4.43	%		77,472			4,573			5.90	%
Total interest-earning assets		4,018,150			222,377			5.53	%		3,757,468			205,207			5.46	%
Noninterest-earning assets		444,452									444,055
Allowance for loan losses		(44,292	)								(44,402	)
Total assets	$	4,418,310								$	4,157,121
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	464,551		$	11,239			2.42	%	$	401,363		$	11,337			2.82	%
Savings accounts		838,609			12,226			1.46	%		816,202			12,253			1.50	%
Money market accounts		670,599			16,302			2.43	%		611,257			14,783			2.42	%
Certificates of deposit		637,211			24,726			3.88	%		606,988			25,174			4.15	%
Brokered Deposits		19,365			783			4.04	%		3,491			131			3.75	%
Total interest-bearing deposits		2,630,335			65,276			2.48	%		2,439,301			63,678			2.61	%
Other borrowed funds		139,044			6,369			4.58	%		81,730			3,662			4.48	%
Total interest-bearing liabilities		2,769,379			71,645			2.59	%		2,521,031			67,340			2.67	%
Noninterest-bearing liabilities
Demand Deposits		983,350									988,440
Other liabilities		35,768									32,685
Total Liabilities		3,788,497									3,542,156
Stockholders' equity		629,813									614,965
Total liabilities & stockholders' equity	$	4,418,310								$	4,157,121
Net interest income on a fully taxable equivalent basis					150,732									137,867
Less taxable equivalent adjustment					(1,667	)								(1,301	)
Net interest income				$	149,065								$	136,566
Net interest spread (3)								2.95	%								2.79	%
Net interest margin (4)								3.75	%								3.67	%

(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