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].

Company Overview - Bank First Corporation operates as a holding company for Bank First, N.A., which has 21 banking locations across multiple counties in Wisconsin[116]. - The company has completed several mergers, including with Waupaca, Partnership, and Timberwood, expanding its presence in various counties in Wisconsin[120][121][122]. Financial Performance - Net income increased by $0.3 million to $11.2 million for the three months ended September 30, 2021, compared to $11.0 million for the same period in 2020[134]. - Net income increased by $7.8 million to $34.3 million for the nine months ended September 30, 2021, compared to $26.5 million for the same period in 2020[147]. - Net interest income for the period was $22,934 million, an increase from $21,814 million in the previous period, reflecting a growth of approximately 5.1%[125]. - Net interest income totaled $22.9 million for the three months ended September 30, 2021, matching the third quarter of 2020[136]. - Net interest income rose by $4.5 million to $66.9 million for the nine months ended September 30, 2021, compared to $62.4 million for the same period in 2020[148]. - Total noninterest income was $5,028 million, down from $6,574 million, representing a decline of about 23.5%[125]. - Noninterest income decreased by $0.1 million to $5.0 million for the three months ended September 30, 2021, compared to $5.1 million for the same period in 2020[143]. - Noninterest income increased by $1.0 million to $17.8 million for the nine months ended September 30, 2021, compared to $16.8 million for the same period in 2020[153]. Asset and Liability Management - Total assets increased to $2,846,605 million from $2,818,950 million, reflecting a growth of approximately 1.0%[125]. - Total liabilities and shareholders' equity amounted to $2,861,959 thousand, an increase from $2,626,136 thousand year-over-year[159]. - Total interest-earning assets increased to $2.614 billion with an interest income of $99.419 million, resulting in a net interest margin of 3.47%[161]. - Total interest-bearing liabilities were $1.719 billion, with an interest expense of $8.681 million, leading to a net interest income of $89.379 million[161]. - The average rate earned on interest-earning assets was 3.76%, compared to 4.33% in the previous year[159]. - The average rate paid on interest-bearing liabilities was 0.45%, down from 0.73% in the previous year[159]. Loan Portfolio - Loans outstanding were $2,208,915 million, a slight decrease from $2,225,217 million, indicating a contraction in loan growth[125]. - Total loans increased by $17.5 million, or 0.8%, to $2.21 billion as of September 30, 2021, from $2.19 billion at December 31, 2020[173]. - The commercial and industrial loan portfolio decreased to $353.6 million, representing 16% of total loans, down from $445.0 million or 20% at December 31, 2020[177]. - The commercial real estate loan portfolio increased to $1.1 billion, representing 50% of total loans, up from $992.2 million or 45% at December 31, 2020[180]. - Residential 1-4 family loans increased to $572.9 million, representing 26% of total loans, compared to $545.8 million or 25% at December 31, 2020[184]. - Nonperforming loans totaled $11,861 thousand as of September 30, 2021, down from $12,534 thousand as of December 31, 2020, indicating a decrease of about 5.4%[198]. Risk Management - Provision for loan losses decreased to $650 million from $950 million, indicating improved asset quality and risk management[125]. - The allowance for loan losses (ALL) reflects management's estimate of probable credit losses, with significant judgment required in its estimation[206]. - The company granted payment deferrals to over 625 customers on loans totaling over $271.5 million during the COVID-19 pandemic, with 89.7% of these deferrals being principal payments only[202]. - The ratio of the allowance for loan losses to loans outstanding was 0.92% as of September 30, 2021, compared to 0.81% at the end of December 2020[209]. Capital Management - The Bank was well capitalized as of September 30, 2021, with total capital to risk-weighted assets at 12.4% and Tier I capital at 10.8%[257][262]. - The Bank's Common Equity Tier I capital ratio was 11.5%, exceeding the minimum requirement of 6.5%[262]. - The leverage capital ratio, a minimum capital standard, is required to be at least 4% for all banks[253]. - The capital management strategy includes meeting regulatory capital requirements to avoid adverse actions from regulators[250]. Interest Rate Risk - The Company aims to minimize the adverse impact of interest rate changes on net interest income and capital while maximizing yield-cost spread through its asset-liability structure[272]. - The Company actively manages its interest rate sensitivity position to control exposure to risks associated with interest rate movements and achieve sustainable growth in net interest income[275]. - Interest rate risk arises from repricing risk, option risk, yield curve risk, and basis risk, affecting the Company's earnings and value[273]. - The Company employs various tools for interest rate risk management, including sensitivity analysis, market value of portfolio equity analysis, and interest rate simulations[276].

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, 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 charter) ...

Company Overview - Bank First Corporation operates as a holding company for Bank First, N.A., which has 21 banking locations across multiple counties in Wisconsin[123]. - The bank has completed several mergers, including with Waupaca, Partnership, and Timberwood, expanding its presence in various counties in Wisconsin[127][128][129]. - The bank is a 49.8% member of a data processing subsidiary, UFS, which provides various services to over 50 Midwest banks, contributing to noninterest income[126]. Financial Performance - The bank's primary income source is interest from loans and investments, with a focus on maximizing net interest income through effective management of interest-earning assets and liabilities[125]. - Interest income for the period was $24,442 million, a decrease from $27,094 million in the previous period[133]. - Net interest income after provision for loan losses was $22,103 million, compared to $24,471 million last period[133]. - Noninterest income totaled $6,210 million, down from $6,744 million in the prior period[133]. - Net income for the period was $11,514 million, slightly down from $11,530 million in the previous period[133]. - Earnings per common share (basic) remained stable at $1.49, consistent with the previous period[133]. - Total assets increased to $2,846,199 million from $2,718,016 million in the prior period[133]. - Deposits rose to $2,448,035 million, up from $2,320,963 million last period[133]. - Return on average assets was 1.67%, a slight decrease from 1.71% in the previous period[133]. - Nonperforming loans to total loans ratio increased to 0.63% from 0.57% in the prior period[133]. - Tangible book value per common share increased to $31.42 from $30.35 in the previous period[133]. Loan Portfolio - The bank maintains an allowance for loan losses to account for credit risk, which is charged against operating earnings[125]. - The loan portfolio composition is well-balanced, with a focus on quality commercial and consumer loans that align with credit policies[168]. - Total loans outstanding to directors and officers and their associates were $65.6 million as of March 31, 2021, with all loans performing according to original terms[170]. - The company services mortgage loans sold to others without recourse amounting to approximately $632.2 million as of March 31, 2021[181]. - As of March 31, 2021, total loans amounted to $2,228,892 thousand, a slight decrease from $2,191,460 thousand as of December 31, 2020, reflecting a growth of approximately 1.7% year-over-year[187][199]. - Nonperforming loans as a percentage of gross loans increased to 0.63% as of March 31, 2021, compared to 0.57% as of December 31, 2020[191]. - The company granted payment deferrals to over 625 customers on loans totaling over $271.5 million during the COVID-19 pandemic, with deferrals primarily for lengths between 60 to 180 days[196]. - Total nonperforming loans reached $13,793 thousand as of March 31, 2021, up from $12,534 thousand as of December 31, 2020[191]. - The company classified loans totaling $54.1 million as substandard as of March 31, 2021, compared to $50.1 million as of December 31, 2020[198]. Interest Rate Management - The company aims to minimize the adverse impact of interest rate changes on net interest income and capital while maximizing yield-cost spread through its asset-liability structure[264]. - Interest rate risk arises from repricing risk, option risk, yield curve risk, and basis risk, affecting earnings and value[265]. - An asset sensitive position is expected to generate higher net interest income with rising short-term interest rates, while a liability sensitive position would generate lower net interest income[266]. - The company actively manages its interest rate sensitivity position to achieve sustainable growth in net interest income[268]. - Interest rate simulations indicate that a 400 basis point increase in interest rates could lead to a 5.9% increase in net interest income over the next 12 months[273]. - The economic value of equity analysis estimates a 15.4% increase in economic value with a 200 basis point increase in interest rates, while a 100 basis point decrease could result in a 1.1% decrease[276]. Regulatory and Capital Management - The bank's operations are regulated by the Office of the Comptroller of the Currency (OCC) and it is a member of the Federal Reserve System[123]. - The leverage capital ratio, a minimum capital standard, is the ratio of Tier 1 capital to quarterly average assets, with a required minimum of 4%[242]. - The company is subject to various regulatory capital requirements, including common equity Tier 1 (CET1) and total capital ratios[241]. - The Bank's total capital to risk-weighted assets ratio was 12.0% as of March 31, 2021, exceeding the minimum required capital[253]. - Tier I capital to risk-weighted assets ratio was 10.4% for Bank First Corporation, which is above the well-capitalized standard[253]. - The Bank's Common Equity Tier I capital to risk-weighted assets ratio was 11.3%, exceeding the minimum requirement of 6.5%[253]. - The company continuously monitors its liquidity position to meet both short-term and long-term cash requirements[237]. - The capital management strategy aims to provide adequate equity to support current and future operations, adhering to regulatory capital requirements[240].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38676 BANK FIRST CORPORATION (Exact name of registrant as specified in its charter) Wisconsin 39-1435359 (State or other jurisdiction of incorporatio ...

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, 2020 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 ...