Earnings release
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Exhibit 99.1 PO Box 10, Manitowoc, WI 54221-0010 For further information, contact: Kevin M LeMahieu, Chief Financial Officer Phone: (920) 652-3100 / klemahieu@bankfirst.com NEWS RELEASE [For Immediate Release] Bank First Announces Net Income for the Second Quarter of 2026 · Net income of $24.7 million and $44.7 million for the three and six months ended June 30, 2026, respectively · Earnings per common share of $2.21 and $3.99 for the three and six months ended June 30, 2026, respectively · Adjusted net income (non-GAAP) of $27.3 million and $52.4 million and adjusted earnings per common share (non- GAAP) of $2.45 and $4.69 for the three and six months ended June 30, 2026, respectively, after removing the impact of acquisition expenses and certain asset sales · Quarterly cash dividend of $0.60 per share declared, an increase of 9.1% and 33.3% over the prior quarter and prior-year second quarter, respectively MANITOWOC, Wis., July 21, 2026 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $24.7 million, or $2.21 per share, for the second quarter of 2026, compared with net income of $16.9 million, or $1.71 per share, for the prior-year second quarter. For the six months ending June 30, 2026, Bank First earned $44.7 million, or $3.99 per share, compared to $35.1 million, or $3.53 per share for the same period in 2025. After removing the impact of expenses related to the acquisitions of Centre 1 Bancorp, Inc. (“Centre”), and PSB Holdings, Inc. (“Peoples”), as well as one-time net gains on the sale of certain assets, the Bank reported adjusted net income (non-GAAP) of $27.3 million, or $2.45 per share, and $52.4 million, or $4.69 per share, for the three and six months ended June 30, 2026. Adjusted net income was $16.7 million, or $1.69 per share, and $35.0 million, or $3.52 per share, for the three and six months ended June 30, 2025. “Following the anticipated closing of our Peoples acquisition in December 2025, Bank First will have approximately $7.5 billion in total assets,” stated Mike Molepske, Chairman and CEO of Bank First. “We are often asked about our plans to surpass $10 billion in assets. Our answer is simple: we will continue to grow with discipline. We will not compromise our acquisition standards simply to reach a regulatory threshold. Our focus remains on creating long-term shareholder value.” Operating Results The acquisition of Centre, an institution with $1.48 billion in assets at closing on January 1, 2026, increased total assets of Bank First by 33%. The added operating scale from this transaction significantly impacted nearly every aspect of Bank First’s results for the first half of 2026, as well as comparability to prior period results.
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Net interest income (“NII”) during the second quarter of 2026 was $55.0 million, up $1.8 million from the previous quarter and up $18.3 million from the second quarter of 2025. The impact of net accretion and amortization of purchase accounting related to interest- bearing assets and liabilities from Centre and past acquisitions (“purchase accounting”) increased NII by $3.5 million, or $0.25 per share after tax, during the second quarter of 2026, compared to $2.7 million, or $0.19 per share after tax, during the previous quarter and $0.6 million, or $0.05 per share after tax, during the second quarter of 2025. Net interest margin (“NIM”) was 4.13% for the second quarter of 2026, compared to 3.96% for the previous quarter and 3.72% for the second quarter of 2025. NII from purchase accounting increased NIM by 0.27%, 0.20% and 0.07% for each of these periods, respectively. After removing the impact of purchase accounting, rates earned on average earning assets increased by four basis points and rates paid on average interest-bearing liabilities decreased by nine basis points from the first to the second quarter of 2026. These improvements caused NIM, adjusted to remove the impact of purchase accounting, to increase by 10 basis points quarter-over-quarter. Bank First did not record a provision for credit losses in the second quarter of 2026, matching the previous quarter and less than the $0.2 million provision recorded during the second quarter of 2025. Accounting entries related to the Centre acquisition added $12.8 million to the allowance for credit losses on January 1, 2026. The lack of provision expense during the first half of 2026 was due to a slight contraction in the Bank’s loan portfolio (after removing the impact of the loans acquired from Centre on January 1), primarily in the Bank’s new Stateline region (formerly Centre), as the Bank transitioned out of certain loans that were not consistent with Bank First’s lending philosophy. Noninterest income was $10.0 million for the second quarter of 2026, compared to $10.5 million for the prior quarter and $4.9 million for the second quarter of 2025. Trust and Wealth Management income, a new business line resulting from the Centre acquisition, produced $1.6 million in noninterest income during the second quarter of 2026, equal to the $1.6 million produced in the first quarter of 2026. This revenue is nearly a 100% increase from prior periods as these periods include only minimal wealth management income through referral agreements with partner firms. Service charge income totaled $4.1 million for the second quarter of 2026, compared to $4.7 million and $2.1 million for the prior quarter and second quarter of 2025, respectively. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) totaled $0.9 million, compared to $1.0 million and $1.2 million for the prior quarter and second quarter of 2025, respectively. Ansay is experiencing reduced profitability in 2026, the result of investments they are making in automation and operational efficiency to improve future profitability, coupled with insurance pricing in several sectors entering an industry-wide softening. Gains on sales of mortgage loans totaled $0.7 million during the second quarter of 2026, down from $1.1 million in the prior quarter but up from $0.3 million in the prior-year second quarter. Gains on sales of mortgage loans totaled $1.7 million through the first half of 2026 compared to $0.7 million during the same period of 2025 as the Bank has produced strong results in retail lending in a challenging higher rate environment. The increasing interest rate environment through the first half of 2026 led to a $0.5 million positive valuation adjustment to the Bank’s mortgage servicing rights in the current-year second quarter, compared to a $0.1 million negative valuation adjustment during the prior-year second quarter. Increasing prevailing mortgage rates cause the assumption for prepayments of mortgages to decline, increasing the underlying value of mortgage servicing rights assets.
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Noninterest expense totaled $34.4 million in the second quarter of 2026, compared to $39.1 million during the prior quarter and $20.8 million during the second quarter of 2025. Expenses related to the Bank’s acquisitions of Centre and Peoples totaled $3.3 million during the second quarter of 2026 (“Q2”) compared to $6.5 million during the previous quarter (“Q1”). These expenses are primarily included in the areas of personnel expense ($1.3 million for Q2 and $4.9 million for Q1), outside service fees ($0.5 million for Q2 and $1.2 million for Q1) and data processing expenses ($0.5 million for Q2 and $0.2 million for Q1). Conversion of Centre’s core data processing system onto Bank First’s platform occurred during the second quarter of 2026. Prior to this conversion, some operational areas of the Bank had redundancies (personnel expense, occupancy expense, data processing) which are in addition to the previously listed expenses related directly to acquisitions. Full realization of expected cost savings from operational synergies are anticipated during future quarters. The acquisition of Centre created a core deposit intangible asset of $31.9 million. Amortization related to this intangible asset, which will be amortized over the next 10 years, led to the elevated amortization expense during the first and second quarters of 2026. Balance Sheet Total assets were $5.95 billion on June 30, 2026, an increase of $1.44 billion from December 31, 2025, and up $1.58 billion from June 30, 2025. As mentioned earlier, the acquisition of Centre added approximately $1.48 billion in assets on January 1, 2026. The carrying value of investments on June 30, 2026, totaled $608.6 million, up $340.5 million from December 31,2025, and $331.6 million from June 30, 2025. The acquisition of Centre included $333.1 million in investments, causing the investment portfolio’s composition of total assets to go from 6.0% at the end of 2025 to 10.2% at the end of the second quarter of 2026. Total loans were $4.52 billion on June 30, 2026, up $917.0 million from December 31, 2025, and $941.3 million from June 30, 2025. Loans included in the acquisition of Centre totaled approximately $981.5 million. Some attrition in these acquired balances has created a headwind to overall loan growth for the organization through the first half of 2026. Total deposits, nearly all of which remain core deposits, were $4.99 billion on June 30, 2026, up $1.29 billion from December 31, 2025, and $1.39 billion from June 30, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 30.0% of the Bank’s total deposits on June 30, 2026, after finishing 2025 at 27.1%. Asset Quality Nonperforming assets on June 30, 2026, totaled $27.8 million, down $2.2 million from the end of the previous quarter but up $14.2 million from June 30, 2025. Other real estate owned, fully comprised of former properties of Centre that will not be utilized by Bank First, totaled $2.4 million on June 30, 2026. Seventy-five percent of the $22.3 million balance in nonaccrual loans related to three customer relationships. The circumstances which led these loans to nonaccrual status are unique and not prevalent throughout the Bank’s loan portfolio. Nonperforming assets to total assets remained manageable at 0.47% as of June 30, 2026, down from 0.50% at the end of the prior quarter but up from 0.31% on June 30, 2025.
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Capital Position Stockholders’ equity totaled $819.3 million on June 30, 2026, an increase of $175.4 million from the end of 2025. Earnings of $44.7 million were supplemented by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $11.7 million and share repurchases totaling $22.7 million. The Bank’s book value per common share totaled $73.95 on June 30, 2026, compared to $65.47 on December 31, 2025. Tangible book value per common share (non-GAAP) totaled $47.92 on June 30, 2026, compared to $46.01 on December 31, 2025. Dividend Declaration Bank First’s Board of Directors approved a quarterly cash dividend of $0.60 per common share, payable on October 7, 2026, to shareholders of record as of September 23, 2026. This dividend represents an increase of $0.05 and $0.15 per share, or 9.1% and 33.3%, from the dividend declared during the prior quarter and prior-year second quarter, respectively. 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. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 554 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. # # # 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 Centre, 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 successfully 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 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. 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.
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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, 2025, 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.
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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 MonthsEnded 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Results of Operations: Interest income $ 75,719 $ 73,605 $ 56,636 $ 55,456 $ 54,575 $ 149,324 $ 109,623 Interest expense 20,686 20,389 16,470 17,203 17,873 41,075 36,384 Net interest income 55,033 53,216 40,166 38,253 36,702 108,249 73,239 Provision for credit losses - - - 650 200 - 600 Net interest income after provision for creditlosses 55,033 53,216 40,166 37,603 36,502 108,249 72,639 Noninterest income 10,002 10,532 4,758 5,953 4,921 20,534 11,509 Noninterest expense 34,400 39,056 22,012 21,086 20,756 73,456 41,360 Income before income tax expense 30,635 24,692 22,912 22,470 20,667 55,327 42,788 Income tax expense 5,944 4,704 4,522 4,480 3,792 10,648 7,672 Net income $ 24,691 $ 19,988 $ 18,390 $ 17,990 $ 16,875 $ 44,679 $ 35,116 Earnings per Common Share (Basic andDiluted) $ 2.21 $ 1.78 $ 1.87 $ 1.83 $ 1.71 $ 3.99 $ 3.53 Common Shares: Outstanding 11,079,310 11,222,442 9,834,623 9,834,083 9,833,476 11,079,310 9,833,476 Weighted average outstanding for the period 11,149,885 11,215,545 9,834,567 9,834,002 9,901,391 11,183,664 9,950,925 Noninterest Income / Noninterest Expense: Trust and wealth management $ 1,620 $ 1,575 $ 26 $ 14 $ 16 $ 3,195 $ 33 Service charges 4,102 4,690 2,255 2,106 2,053 8,792 4,064 Income from Ansay 866 975 267 1,314 1,153 1,841 2,334 Loan servicing income 954 955 747 736 733 1,909 1,465 Valuation adjustment on mortgage servicing rights 534 81 (45) 250 (99) 615 76 Net gain on sales of mortgage loans 661 1,076 649 482 338 1,737 672 Other noninterest income 1,265 1,180 859 1,051 727 2,445 2,865 Total noninterest income $ 10,002 $ 10,532 $ 4,758 $ 5,953 $ 4,921 $ 20,534 $ 11,509 Personnel expense $ 16,822 $ 21,789 $ 10,565 $ 10,498 $ 10,427 $ 38,611 $ 21,412 Occupancy, equipment and office 2,639 2,556 2,769 1,567 1,922 5,195 3,513 Data processing 4,045 3,410 2,685 2,506 2,620 7,455 5,064 Postage, stationery and supplies 843 439 309 165 259 1,282 510 Advertising 147 83 (28) 78 61 230 126 Charitable contributions 317 240 79 143 274 557 750 Outside service fees 1,990 2,400 1,490 1,818 1,135 4,390 1,923 Federal deposit insurance 849 716 510 540 630 1,565 1,260 Net gain on other real estate owned (28) (191) - - (159) (219) (159)Net loss on sales of securities - 31 - - - 31 - Amortization of intangibles 2,547 2,572 1,204 1,228 1,273 5,119 2,571 Other noninterest expense 4,229 5,011 2,429 2,543 2,314 9,240 4,390 Total noninterest expense $ 34,400 $ 39,056 $ 22,012 $ 21,086 $ 20,756 $ 73,456 $ 41,360 Period-end Balances: Cash and cash equivalents $ 266,523 $ 398,638 $ 243,207 $ 126,184 $ 120,328 $ 266,523 $ 120,328 Securities available-for-sale, at fair value 494,571 483,235 164,422 167,125 167,209 494,571 167,209 Securities held-to-maturity, at cost 114,061 117,929 103,726 106,823 109,854 114,061 109,854 Loans 4,521,687 4,515,626 3,604,651 3,629,663 3,580,357 4,521,687 3,580,357 Allowance for credit losses - loans (56,029) (57,067) (44,374) (44,501) (44,292) (56,029) (44,292)Premises and equipment, net 96,066 93,140 79,217 78,027 75,667 96,066 75,667 Goodwill and core deposit intangible, net 288,342 291,908 191,306 192,510 193,738 288,342 193,738 Mortgage servicing rights 18,019 17,484 13,650 13,696 13,445 18,019 13,445 Other assets 204,272 208,120 150,290 150,884 148,776 204,272 148,776 Total assets 5,947,512 6,069,013 4,506,095 4,420,411 4,365,082 5,947,512 4,365,082 Deposits Interest-bearing 3,489,250 3,589,919 2,692,711 2,539,476 2,605,397 3,489,250 2,605,397 Noninterest-bearing 1,498,332 1,496,897 1,003,076 999,285 990,027 1,498,332 990,027 Borrowings 104,846 124,845 121,966 221,941 121,915 104,846 121,915 Other liabilities 35,774 37,499 44,506 31,584 35,410 35,774 35,410 Total liabilities 5,128,202 5,249,160 3,862,259 3,792,286 3,752,749 5,128,202 3,752,749 Stockholders' equity 819,310 819,853 643,836 628,125 612,333 819,310 612,333 Book value per common share $ 73.95 $ 73.05 $ 65.47 $ 63.87 $ 62.27 $ 73.95 $ 62.27 Tangible book value per common share (non-GAAP) $ 47.92 $ 47.04 $ 46.01 $ 44.30 $ 42.57 $ 47.92 $ 42.57 Average Balances: Loans $ 4,514,298 $ 4,560,355 $ 3,615,930 $ 3,600,259 $ 3,560,945 $ 4,537,199 $ 3,551,522 Interest-earning assets 5,388,799 5,489,866 4,019,999 3,948,304 4,006,981 5,439,052 4,053,653 Goodwill and other intangibles, net 290,473 292,757 192,061 193,250 194,503 291,609 195,124 Total assets 5,966,393 6,052,695 4,421,837 4,350,555 4,407,112 6,010,116 4,452,748 Deposits 4,983,283 5,043,273 3,602,826 3,573,341 3,596,755 5,013,111 3,634,190 Interest-bearing liabilities 3,608,897 3,750,264 2,732,417 2,709,808 2,762,544 3,637,987 2,799,658 Stockholders' equity 819,933 801,987 636,418 620,153 623,861 811,009 634,724
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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 MonthsEnded 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Financial Ratios: Return on average assets * 1.66% 1.34% 1.65% 1.64% 1.54% 1.50% 1.59%Return on average common equity * 12.08% 10.11% 11.46% 11.51% 10.85% 11.11% 11.16%Return on average tangible common equity (non-GAAP)* 18.70% 15.57% 16.42% 16.72% 15.76% 17.35% 16.11%Average equity to average assets 13.74% 13.25% 14.39% 14.25% 14.16% 13.49% 14.25%Stockholders' equity to assets 13.78% 13.51% 14.29% 14.21% 14.03% 13.78% 14.03%Tangible equity to tangible assets (non-GAAP) 9.38% 9.14% 10.49% 10.30% 10.04% 9.38% 10.04%Net interest margin, taxable equivalent * 4.13% 3.96% 4.01% 3.88% 3.72% 4.04% 3.69%Net loan charge-offs (recoveries) to average loans* 0.09% 0.01% 0.01% 0.00% 0.00% 0.05% 0.05%Nonperforming loans to total loans 0.56% 0.60% 0.25% 0.38% 0.38% 0.56% 0.38%Nonperforming assets to total assets 0.47% 0.50% 0.20% 0.31% 0.31% 0.47% 0.31%Allowance for credit losses - loans to total loans 1.24% 1.26% 1.23% 1.23% 1.24% 1.24% 1.24% Loan Portfolio Composition: Commercial/industrial $ 848,605 $ 823,824 $ 647,086 $ 654,452 $ 628,527 $ 848,605 $ 628,527 Commercial real estate - owner occupied 1,094,282 1,133,042 880,723 861,650 841,749 1,094,282 841,749 Commercial real estate - non-owner occupied 705,370 660,359 492,525 510,535 518,636 705,370 518,636 Multi-family 451,853 456,366 402,053 372,031 377,218 451,853 377,218 Construction and development 241,933 259,365 215,518 262,439 249,857 241,933 249,857 Residential 1-4 family 1,099,348 1,101,515 894,979 897,518 891,685 1,099,348 891,685 Consumer and other 80,296 81,155 71,767 71,038 72,685 80,296 72,685 Total $ 4,521,687 $ 4,515,626 $ 3,604,651 $ 3,629,663 $ 3,580,357 $ 4,521,687 $ 3,580,357 Share Repurchases: Total number of shares repurchased 144,000 16,000 - - 143,720 160,000 205,602 Total dollar of shares repurchased $ 20,364 $ 2,376 $ - $ - $ 15,622 $ 22,740 $ 22,042 Non-GAAP Financial Measures: Adjusted net income reconciliation Net income (GAAP) $ 24,691 $ 19,988 $ 18,390 $ 17,990 $ 16,875 $ 44,679 $ 35,116 Acquisition related expenses 3,311 6,528 663 862 - 9,839 - Loss on razing of branch building - - 879 - - - - Gains on sales of securities and OREOvaluations (28) (160) - - (159) (188) (159) Adjusted net income before income taximpact 27,974 26,356 19,932 18,852 16,716 54,330 34,957 Income tax impact of adjustments (656) (1,274) (307) (74) 33 (1,930) 33 Adjusted net income (non-GAAP) $ 27,318 $ 25,082 $ 19,625 $ 18,778 $ 16,749 $ 52,400 $ 34,990 Adjusted earnings per share calculation Adjusted net income (non-GAAP) $ 27,318 $ 25,082 $ 19,625 $ 18,778 $ 16,749 $ 52,400 $ 34,990 Weighted average common shares outstandingfor the period 11,149,885 11,215,545 9,834,567 9,834,002 9,901,391 11,183,664 9,950,925 Adjusted earnings per share (non-GAAP) $ 2.45 $ 2.24 $ 2.00 $ 1.91 $ 1.69 $ 4.69 $ 3.52 Annualized return of adjusted earnings on averageassets calculation Adjusted net income (non-GAAP) $ 27,318 $ 25,082 $ 19,625 $ 18,778 $ 16,749 $ 52,400 $ 34,990 Average total assets $ 5,966,393 $ 6,052,695 $ 4,421,837 $ 4,350,555 $ 4,407,112 $ 6,010,116 $ 4,452,748 Annualized return of adjusted earnings on averageassets (non-GAAP) 1.84% 1.64% 1.76% 1.71% 1.52% 1.76% 1.58% Average tangible common equity reconciliation Total average stockholders’ equity (GAAP) $ 819,933 $ 801,987 $ 636,418 $ 620,153 $ 623,861 $ 811,009 $ 623,861 Average goodwill (245,989) (246,370) (175,106) (175,106) (175,106) (246,179) (175,106)Average core deposit intangible, net ofamortization (44,484) (46,387) (16,955) (18,144) (19,397) (45,430) (19,397) Average tangible common equity (non-GAAP) $ 529,460 $ 509,230 $ 444,357 $ 426,903 $ 429,358 $ 519,400 $ 429,358 Return on average tangible common equitycalculation* Average tangible common equity (non-GAAP) $ 529,460 $ 509,230 $ 444,357 $ 426,903 $ 429,358 $ 519,400 $ 429,358 Net income $ 24,691 $ 19,988 $ 18,390 $ 17,990 $ 16,875 $ 44,679 $ 16,875 Return on average tangible common equity* 18.70% 15.92% 16.42% 16.72% 15.76% 17.35% 15.76% Tangible assets reconciliation Total assets (GAAP) $ 5,947,512 $ 6,069,014 $ 4,506,095 $ 4,420,411 $ 4,365,082 $ 5,947,512 $ 4,365,082 Goodwill (245,351) (246,370) (175,106) (175,106) (175,106) (245,351) (175,106)Core deposit intangible, net of amortization (42,991) (45,538) (16,200) (17,404) (18,632) (42,991) (18,632) Tangible assets (non-GAAP) $ 5,659,170 $ 5,777,106 $ 4,314,789 $ 4,227,901 $ 4,171,344 $ 5,659,170 $ 4,171,344 Tangible common equity reconciliation Total stockholders’ equity (GAAP) $ 819,310 $ 819,853 $ 643,836 $ 628,125 $ 612,333 $ 819,310 $ 612,333 Goodwill (245,351) (246,370) (175,106) (175,106) (175,106) (245,351) (175,106)Core deposit intangible, net of amortization (42,991) (45,538) (16,200) (17,404) (18,632) (42,991) (18,632) Tangible common equity (non-GAAP) $ 530,968 $ 527,945 $ 452,530 $ 435,615 $ 418,595 $ 530,968 $ 418,595 Tangible book value per common sharecalculation Tangible common equity (non-GAAP) $ 530,968 $ 527,945 $ 452,530 $ 435,615 $ 418,595 $ 530,968 $ 418,595
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Common shares outstanding at the end of theperiod 11,079,310 11,222,442 9,834,623 9,834,083 9,833,476 11,079,310 9,833,476 Tangible book value per common share (non-GAAP) $ 47.92 $ 47.04 $ 46.01 $ 44.30 $ 42.57 $ 47.92 $ 42.57 Tangible equity to tangible assets calculation Tangible common equity (non-GAAP) $ 530,968 $ 527,945 $ 452,530 $ 435,615 $ 418,595 $ 530,968 $ 418,595 Tangible assets (non-GAAP) $ 5,659,170 $ 5,777,106 $ 4,314,789 $ 4,227,901 $ 4,171,344 $ 5,659,170 $ 4,171,344 Tangible equity to tangible assets (non-GAAP) 9.38% 9.14% 10.49% 10.30% 10.04% 9.38% 10.04% * Components of the quarterly ratios were annualized.
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Bank First Corporation Average assets, liabilities and stockholders' equity, and average rates earned or paid Three Months Ended June 30, 2026 June 30, 2025 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 $ 4,380,986 263,197 6.01% $ 3,432,506 194,859 5.68% Tax-exempt 133,312 6,913 5.19% 128,439 6,818 5.31% Securities Taxable (available for sale) 485,347 20,541 4.23% 159,275 6,913 4.34% Tax-exempt (available for sale) 33,637 1,259 3.74% 30,855 1,115 3.61% Taxable (held to maturity) 114,143 4,648 4.07% 106,783 4,282 4.01% Tax-exempt (held to maturity) 3,814 99 2.60% 2,404 66 2.75% Cash and due from banks 237,560 8,792 3.70% 146,719 6,526 4.45% Total interest-earning assets 5,388,799 305,449 5.67% 4,006,981 220,579 5.50% Noninterest-earning assets 634,139 444,194 Allowance for credit losses - loans (56,545) (44,063) Total assets $ 5,966,393 $ 4,407,112 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing deposits Checking accounts $ 607,829 $ 14,698 2.42% $ 453,918 $ 11,443 2.52% Savings accounts 1,132,387 14,491 1.28% 838,709 12,211 1.46% Money market accounts 923,098 19,674 2.13% 667,685 16,142 2.42% Certificates of deposit 808,406 27,498 3.40% 635,509 24,362 3.83% Brokered Deposits 15,118 597 3.95% 20,097 814 4.05% Total interest-bearing deposits 3,486,838 76,958 2.21% 2,615,918 64,972 2.48% Other borrowed funds 122,059 6,013 4.93% 146,626 6,713 4.58% Total interest-bearing liabilities 3,608,897 82,971 2.30% 2,762,544 71,685 2.59% Noninterest-bearing liabilities Demand Deposits 1,496,445 980,837 Other liabilities 41,118 39,870 Total Liabilities 5,146,460 3,783,251 Shareholders' equity 819,933 623,861 Total liabilities & shareholders' equity $ 5,966,393 $ 4,407,112 Net interest income on a fully taxable equivalent basis 222,478 148,894 Less taxable equivalent adjustment (1,737) (1,680) Net interest income $ 220,741 $ 147,214 Net interest spread (3) 3.37% 2.91% Net interest margin (4) 4.13% 3.72% (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.
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Bank First Corporation Average assets, liabilities and stockholders' equity, and average rates earned or paid Six Months Ended June 30, 2026 June 30, 2025 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 $ 4,404,330 $ 260,036 5.90% $ 3,421,445 $ 194,542 5.69% Tax-exempt 132,869 6,647 5.00% 130,077 6,852 5.27% Securities Taxable (available for sale) 493,785 20,701 4.19% 169,740 7,435 4.38% Tax-exempt (available for sale) 34,909 1,281 3.67% 31,771 1,132 3.56% Taxable (held to maturity) 108,357 4,423 4.08% 107,210 4,274 3.99% Tax-exempt (held to maturity) 4,158 109 2.62% 2,797 75 2.68% Cash, due from banks and other 260,644 9,615 3.69% 190,613 8,445 4.43% Total interest-earning assets 5,439,052 302,812 5.57% 4,053,653 222,755 5.50% Noninterest-earning assets 627,017 443,235 Allowance for loan losses (55,953) (44,140) Total assets $ 6,010,116 $ 4,452,748 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing deposits Checking accounts $ 624,501 $ 16,257 2.60% $ 485,115 $ 12,098 2.49% Savings accounts 1,123,409 14,313 1.27% 834,917 12,139 1.45% Money market accounts 930,850 19,740 2.12% 675,522 16,412 2.43% Certificates of deposit 810,830 28,217 3.48% 637,214 25,186 3.95% Brokered Deposits 15,116 597 3.95% 20,095 815 4.06% Total interest-bearing deposits 3,504,706 79,124 2.26% 2,652,863 66,650 2.51% Other borrowed funds 133,281 3,709 2.78% 146,795 6,721 4.58% Total interest-bearing liabilities 3,637,987 82,833 2.28% 2,799,658 73,371 2.62% Noninterest-bearing liabilities Demand Deposits 1,508,405 981,327 Other liabilities 52,715 37,039 Total Liabilities 5,199,107 3,818,024 Stockholders' equity 811,009 634,724 Total liabilities & stockholders' equity $ 6,010,116 $ 4,452,748 Net interest income on a fully taxable equivalent basis 219,979 149,384 Less taxable equivalent adjustment (1,688) (1,693) Net interest income $ 218,291 $ 147,691 Net interest spread (3) 3.29% 2.87% Net interest margin (4) 4.04% 3.69% (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.