Bank First Corp

Bank First Corporation operates as a community bank, offering a wide variety of financial services including retail and commercial banking, such as checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, commercial and industrial loans, commercial real estate loans, construction and development loans, residential mortgages, consumer loans, credit cards, online banking, telephone banking and mobile banking. The banking business is highly competitive, with competition based on interest rates offered on deposit accounts, interest rates charged on loans, other credit and service charges relating to loans, the quality and scope of the services rendered, the convenience of banking facilities, and, in the case of loans to commercial borrowers, relative lending limits. The company competes with commercial banks, credit unions, savings institutions, mortgage banking firms, consumer finance companies, securities brokerage firms, insurance companies, money market funds and other mutual funds, fintech companies, as well as regional and national financial institutions. The competing major commercial banks have greater resources that may provide them a competitive advantage by enabling them to maintain numerous branch offices, mount extensive advertising campaigns and invest in new technologies. Competition from nontraditional banking institutions, often known as fintech and non-bank lenders, continues to increase and accelerate, with consumers and businesses having the opportunity to select from a growing variety of traditional and nontraditional alternatives. Because non-banking financial institutions are not subject to many of the same regulatory restrictions as banks and bank holding companies, they can often operate with greater flexibility and lower cost structures. The increasingly competitive environment is the result of changes in regulation, changes in technology, and product delivery.

Bank First is a relationship-based community bank focused on providing innovative solutions that are value driven to the communities it serves. The company maintains a strong credit culture as a foundation of sound asset quality. The Bank's vision is to sustain its independence by remaining a top-performing provider of financial services. Based on the deposit market share reports published by the FDIC on June 30, 2025, Bank First ranked in the top 3 of market share in 7 of the nineteen counties in which its branches are located. The nineteen counties in which the Bank has offices have an estimated aggregate population of 2,560,274 ¹, based on current U.S. Census data, and total deposits of approximately $81 billion ² as of June 30, 2025, according to the most recent data published by the FDIC.

Bank First generates revenue primarily through interest income on loans and investments, and fee income from deposit services and other financial products. The company serves businesses, professionals and consumers. The Bank has three subsidiaries: Bank First Investments, Inc., TVG Holdings, Inc., and BFC Title, LLC. Bank First Investments, Inc. provides investment and safekeeping services to the Bank. TVG Holdings, Inc. holds the Bank's 40% ³ ownership interest in Ansay & Associates, LLC, one of the nation's largest independent insurance providers, allowing the Bank to provide diversified services to customers without the risk and expense of an in-house insurance department. BFC Title, LLC holds the Bank's 5.88% ⁴ ownership interest in Generations Title, LLC, a Wisconsin title company.

The Bank offers a wide variety of financial services including checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, commercial and industrial loans, commercial real estate loans, construction and development loans, residential mortgages, consumer loans, credit cards, online banking, telephone banking and mobile banking. As of December 31, 2025, total loans were $3.60 billion ⁵. The loan portfolio is diversified across several segments including commercial and industrial loans, commercial real estate loans (both owner-occupied and non-owner-occupied), construction and development loans, residential mortgages, and consumer loans. The Bank's minority ownership of Ansay & Associates, LLC allows it to provide diversified services to customers without the risk and expense of an in-house insurance department.

The Bank has thirty-eight (38) ⁶ offices, including its headquarters, in Brown, Columbia, Dane, Door, Fond du Lac, Green, Jefferson, Manitowoc, Monroe, Outagamie, Ozaukee, Rock, Shawano, Sheboygan, Walworth, Waupaca, Waushara, and Winnebago counties in the State of Wisconsin and Winnebago county in the State of Illinois. The Bank employed approximately 380 ⁷ full-time equivalent employees, and had an average assets-to-FTE ratio of approximately $11.9 million ⁸ for the year ended December 31, 2025.

The completion of the Centre 1 Bancorp, Inc. acquisition on January 1, 2026, reflects continued execution of the company's strategy and further strengthens its market presence and relationship-based banking model. The company's strategic priorities related to Capital focus on deploying capital in the best interest of shareholders. Asset Quality priorities include maintaining strong credit administration, managing concentration exposure in the loan portfolio, and continuing to automate manual processes. Strategic goals related to Management are focused on improving processes and procedures to make it easier for frontline employees to serve customers. To continue growing Earnings, the company will emphasize strengthening existing customer relationships and building new ones, as well as continuing to selectively seek acquisition opportunities. The company will maintain strong Liquidity ratios by focusing on growing the customer base, one relationship at a time. Priorities related to Sensitivity to Market Risk continue to be minimizing optionality and maintaining interest rate neutrality. Information Technology strategic initiatives include continually enhancing the cybersecurity environment and enhancing training for customers and employees, transforming data into more accessible, actionable formats, and providing a world-class digital banking experience for customers.

As of December 31, 2025, Bank First had total consolidated assets of $4.51 billion ⁹, total loans of $3.60 billion ¹⁰, total deposits of $3.70 billion ¹¹ and total stockholders' equity of $643.8 million ¹².

The company's strategic plan is organized around the CAMELS ratings, including Capital, Asset Quality, Management, Earnings, Liquidity, and Sensitivity to Market Risk, with an added sixth category for Information Technology. Strategic priorities related to Capital focus on deploying capital in the best interest of shareholders. Asset Quality priorities include maintaining strong credit administration, managing concentration exposure in the loan portfolio, and continuing to automate manual processes. Management strategic goals are focused on improving processes and procedures to make it easier for frontline employees to serve customers. To continue growing Earnings, the company will emphasize strengthening existing customer relationships and building new ones, as well as continuing to selectively seek acquisition opportunities. The company will maintain strong Liquidity ratios by focusing on growing the customer base, one relationship at a time. Priorities related to Sensitivity to Market Risk continue to be minimizing optionality and maintaining interest rate neutrality. Information Technology strategic initiatives include continually enhancing the cybersecurity environment and enhancing training for customers and employees, transforming data into more accessible, actionable formats, and providing a world-class digital banking experience for customers.

The completion of the Centre 1 Bancorp, Inc. acquisition on January 1, 2026, reflects continued execution of the company's growth strategy and further strengthens its market presence and relationship-based banking model. The company will continue to selectively seek acquisition opportunities as part of its strategy to grow Earnings.

The company's strategic priorities related to Capital focus on deploying capital in the best interest of shareholders. The company will maintain strong Liquidity ratios by focusing on growing the customer base, one relationship at a time. Priorities related to Sensitivity to Market Risk continue to be minimizing optionality and maintaining interest rate neutrality.

Information Technology strategic initiatives include continually enhancing the cybersecurity environment and enhancing training for customers and employees, transforming data into more accessible, actionable formats, and providing a world-class digital banking experience for customers. The company also aims to continue automating manual processes across the Bank as part of its Asset Quality priorities.

The company's strategic priorities related to Capital focus on deploying capital in the best interest of shareholders. The company will maintain strong Liquidity ratios by focusing on growing the customer base, one relationship at a time.

The company's strategic priorities related to Capital focus on deploying capital in the best interest of shareholders. The company will maintain strong Liquidity ratios by focusing on growing the customer base, one relationship at a time.

The company faces risks from continued changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities and market fluctuations, and interest rate sensitive assets and liabilities. Prolonged periods of inflation and their effects on the business, profitability, and stock price are also identified as headwinds. The concentration of the business within its geographic areas of operation is a risk factor. The company also faces risks related to bank acquisitions, including the diversion of management's time on issues related to integration, unexpected transaction costs, the risks that the businesses will not be integrated successfully, and the potential failure to fully or timely realize expected revenues and revenue synergies.

The company faces risks from changes in borrower credit risks and payment behaviors, including the ability for borrowers under deferred payment programs to return to making full payments. Changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the company's loans, are also a risk. The credit risks of lending activities, including the ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs, are identified as constraints. The risk that asset quality may deteriorate or that the allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures is also a factor.

The company faces significant credit risk from its lending activities, with total loans of $3.60 billion ¹³ as of December 31, 2025, and the risk that the allowance for credit losses may prove inadequate. Interest rate risk is material, as changes in interest rates can affect the level and composition of deposits, loan demand, liquidity, and the values of loan collateral and securities. The company's business is concentrated within its geographic areas of operation in Wisconsin and Illinois, making it vulnerable to regional economic conditions. Competition from larger commercial banks with greater resources, as well as from fintech and non-bank lenders that are not subject to the same regulatory restrictions, poses a threat to market share and pricing. The company also faces risks related to bank acquisitions, including the recent Centre acquisition, such as integration difficulties, unexpected costs, and the potential failure to realize expected revenue synergies.

Management's message emphasizes the company's strategic plan organized around the CAMELS ratings, with an added sixth category for Information Technology. The strategic priorities focus on deploying capital in the best interest of shareholders, maintaining strong credit administration, managing concentration exposure, improving processes and procedures, strengthening existing customer relationships and building new ones, selectively seeking acquisition opportunities, maintaining strong liquidity ratios, minimizing optionality and maintaining interest rate neutrality, and enhancing cybersecurity and the digital banking experience. The completion of the Centre 1 Bancorp, Inc. acquisition on January 1, 2026, is highlighted as reflecting continued execution of the company's strategy and further strengthening its market presence and relationship-based banking model.