Net income of $34.9 million and $74.5 million for the three months and year ended December 31, 2023, respectively Earnings per common share of $3.39 and $7.28 for the three months and year ended December 31, 2023, respectively Annualized return on average assets of 3.34% and 1.83% for the three months and year ended December 31, 2023, respectively $38.9 million pre-tax gain on sale of member interest in UFS, LLC, contributing to $4.18, or 7.50%, and $4.30, or 11.95%, growth in book value per common share a ...

| --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------------------|------------------------------------------------------------|------------------------|---------------------------| | | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount | | As of September 30, 2023 | | | | | | Other real estate owned | Third party appraisals, sales contracts or brokered price options | Collateral discount ...

(Mark One) OR BANK FIRST CORPORATION (Exact name of registrant as specified in its charter) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Securities registered pursuant to Section 1 ...

Our CRE loans are secured by a variety of property types including multifamily dwellings, retail facilities, office buildings, commercial mixed use, lodging and industrial and warehouse properties. We do not have any specific industry or customer concentrations in our CRE portfolio. Our commercial real estate loans are generally for terms up to ten years, with loan-to-values that generally do not exceed 80%. Amortization schedules are long term and thus a balloon payment is generally due at maturity. Under ...

and/or reputation damage, which could have a material adverse effect on our business, financial condition and results of operations. While the Company has policies and procedures designed to prevent any such violations, there can be no assurance that such violations will not occur. See "Business - Supervision and Regulation". A capital injection may be required at times when we do not have the resources to provide it, and therefore we may be required to borrow the funds. In the event of a bank holding compa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38676 WISCONSIN 39-1435359 (State or other jurisdiction of incorporation or org ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38676 WISCONSIN 39-1435359 (State or other jurisdiction of incorporation or organiza ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38676 BANK FIRST CORPORATION (Exact name of registrant as specified in its charter) ...

Financial Position - As of December 31, 2021, total consolidated assets were $2.94 billion, total loans were $2.24 billion, total deposits were $2.53 billion, and total stockholders' equity was $322.7 million[11]. - As of December 31, 2021, total loans receivable amounted to $2.24 billion, representing approximately 81.9% of total earning assets[29]. - Nonaccrual loans totaled approximately $7.2 million, or 0.3% of total loans as of December 31, 2021[29]. - The Bank's legal lending limit was $43.8 million, while the internal lending limit was $35.0 million as of December 31, 2021[32]. - As of December 31, 2021, the company had approximately 287 full-time equivalents (FTEs)[50]. Mergers and Acquisitions - The Company completed a merger with Partnership Community Bancshares, Inc. on July 12, 2019, with a total merger consideration of approximately $49.6 million[13]. - The merger with Timberwood Bancshares, Inc. was completed on May 15, 2020, with a total merger consideration of approximately $29.8 million[15]. - The Company entered into a merger agreement with Denmark Bancshares, Inc. on January 18, 2022, with Denmark shareholders having the option to receive either $38.10 in cash or 0.5276 of a share of the Company's common stock[17][18]. Loan Portfolio Composition - Loans secured by real estate made up approximately $1.68 billion, or 75.3% of the loan portfolio[34]. - Commercial real estate loans constituted approximately $1.11 billion, or 49.7% of the loan portfolio[34]. - Residential mortgage loans and home equity loans accounted for approximately $571.8 million, or 25.6% of the loan portfolio[34]. - Commercial and industrial loans represented approximately $366.2 million, or 16.4% of the loan portfolio[35]. - Construction and development loans totaled approximately $132.5 million, or 5.9% of the loan portfolio[38]. - Consumer loans made up approximately $32.1 million, or 1.4% of the loan portfolio[40]. Capital and Regulatory Compliance - The Bank is required to maintain a common equity Tier 1 (CET1) capital ratio of at least 6.5% to be considered well-capitalized[71]. - The Bank's regulatory capital ratios were above the applicable well-capitalized standards as of December 31, 2021[73]. - The required minimum leverage ratio for all banks is 4.0%[68]. - A capital conservation buffer of CET1 of 2.5% is required above each minimum capital ratio[69]. - The Economic Growth Act raised the asset threshold for bank holding companies subject to the Federal Reserve's Small Bank Holding Company Policy Statement to $3 billion[74]. - The federal banking agencies set the minimum capital for the Community Bank Leverage Ratio at 9%[76]. - The Bank does not intend to opt into the Community Bank Leverage Ratio Framework[76]. - The Bank was well-capitalized at December 31, 2021, and brokered deposits are not restricted[72]. - The federal banking agencies may require smaller bank holding companies to maintain certain minimum capital levels based on their risk profile[74]. Regulatory Environment - The Company is subject to comprehensive supervision and regulation by the OCC, with its primary bank subsidiary, Bank First, N.A., being regulated under federal banking laws[82]. - The Bank's deposits are insured by the FDIC up to $250,000 per depositor, per insured bank, for each account ownership category[87]. - The Federal Reserve reduced reserve requirement ratios to zero percent effective March 26, 2020, eliminating reserve requirements for all depository institutions[86]. - The Company must maintain adequate capital above regulatory minimums, and the OCC may prohibit dividend payments if it deems them unsafe or unsound[79]. - The OCC requires prior approval if total dividends declared by the Bank exceed its net profits for the year plus retained net profits from the previous two years[81]. Community and Consumer Protection - The Bank had a "Satisfactory" rating in its most recent Community Reinvestment Act evaluation, which assesses its efforts to meet the credit needs of the communities it serves[97]. - The Company is required to comply with the GLB, which mandates annual disclosure of privacy policies to customers and allows them to opt out of certain information disclosures[98]. - The Company has implemented an Information Security Program to comply with regulatory cybersecurity guidance, including notifying regulators within 36 hours of significant security incidents[98]. - The Bank is subject to various consumer protection laws that limit interest charges, govern credit disclosures, and prohibit discriminatory lending practices[99]. - The Company must monitor and augment its anti-money laundering compliance programs to meet evolving regulatory requirements[91]. - The CFPB's ATR/QM rule requires lenders to consider income, employment status, assets, payment amounts, and credit history before mortgage approval, with a total debt-to-income ratio limit of 43%[101]. - The rule defines "qualified mortgages" and prohibits negative amortization, interest-only payments, balloon payments, or terms exceeding 30 years[101]. - The CARES Act provided forbearance rights and foreclosure protection for borrowers with federally backed mortgage loans during the COVID-19 pandemic[102]. - The Bank is subject to the Equal Credit Opportunity Act and Fair Housing Act, prohibiting discrimination in credit transactions based on race, religion, and other factors[103]. Economic Factors - Inflation impacts a financial institution's operating expenses, particularly salaries, but changes in interest rates have a more significant effect on performance[369]. - Monetary items such as cash, investments, loans, and deposits are affected by interest rate changes rather than general inflation[369]. - Inflation may influence customers' ability to invest, save, or spend, potentially affecting their loan repayment capabilities[369].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-38676 BANK FIRST CORPORATION (Exact name of registrant as specified in its char ...