Bank First Announces Net Income for the Third Quarter of 2024 Form 8 K

Bank First Announces Net Income for the Third Quarter of 2024

·	Net income of $16.6 million and $48.0 million for the three and nine months ended September 30, 2024, respectively

·	Earnings per common share of $1.65 and $4.75 for the three and nine months ended September 30, 2024, respectively

·	Annualized return on average assets of 1.56% and 1.54% for the three and nine months ended September 30, 2024, respectively

·	Quarterly cash dividend of $0.45 per share declared, an increase of 12.5% from the prior quarter and 50.0% from the prior-year third quarter

MANITOWOC, Wis, October 15, 2024 -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $16.6 million, or $1.65 per share, for the third quarter of 2024, compared with net income of $14.8 million, or $1.43 per share, for the prior-year third quarter. For the nine months ended September 30, 2024, Bank First earned $48.0 million, or $4.75 per share, compared to $39.6 million, or $3.89 per share for the same period in 2023. After removing the impact of one-time expenses related to acquisitions as well as gains and losses on sales of securities and other real estate owned ("OREO"), the Bank reported adjusted net income (non-GAAP) of $15.1 million, or $1.46 per share, for the third quarter of 2023. There were no such expenses during the third quarter of 2024. For the first nine months of 2024, adjusted net income (non-GAAP) totaled $47.4 million, or $4.69 per share, compared to $44.4 million, or $4.36 per share for the same period in 2023.

Operating Results

Net interest income ("NII") during the third quarter of 2024 was $35.9 million, $2.9 million higher than the previous quarter and up $1.8 million from the third quarter of 2023. 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 $1.7 million, or $0.13 per share after tax, during the third quarter of 2024, compared to $1.2 million, or $0.09 per share after tax, during the previous quarter and $1.8 million, or $0.13 per share after tax, during the third quarter of 2023. A previously purchased loan with remaining associated purchase accounting adjustments of $0.6 million was fully repaid before maturity during the third quarter of 2024, leading to the elevated impact of purchase accounting during the quarter.

Net interest margin ("NIM") was 3.76% for the third quarter of 2024, compared to 3.63% for the previous quarter and 3.71% for the third quarter of 2023. NII from purchase accounting increased NIM by 0.17%, 0.13%, and 0.19% for each period, respectively. While the Bank continued to see average rates paid on interest-bearing deposits rise, the velocity of those increases slowed during the most recent quarter, with month-by-month results showing these rates at 2.66% in July, 2.71% in August, and 2.70% in September. Meanwhile, new loan originations and loan repricing from low rates over the last several years have allowed for continued improvement in the yield of the Bank's loan portfolio, coming in at 5.73% during the most recent quarter compared to 5.51% during the prior quarter and 5.23% during the prior-year third quarter.

Bank First did not record a provision for credit losses during the third quarter of 2024, matching the previous quarter and third quarter of 2023. Provision expense was $0.2 million for the first nine months of 2024 compared to $4.2 million for the same period during 2023. The acquisition of the loan portfolio of Hometown Bancorp, Ltd. ("Hometown") during the first quarter of 2023 resulted in a day one provision for credit losses expense of $3.6 million. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.5 million through the first nine months of 2024, compared to recoveries exceeding charge-offs by $0.1 million through the first nine months of 2023. Other than a $0.3 million charge-off during the third quarter of 2024, related to a single customer relationship, the Bank's loan portfolio continues to exhibit very little credit stress. The Bank experienced a reduction in unfunded loan commitments during the most recent quarter, allowing it to move $0.4 million from its liability for potential credit losses in unfunded commitments to its allowance for credit losses in its loan portfolio. While this move did not impact on the Bank's profitability for the quarter, it did increase the allowance for potential loan credit losses to correspond with the increase in overall loan portfolio balances during the quarter.

Noninterest income was $4.9 million for the third quarter of 2024, compared to $5.9 million and $5.3 million for the prior quarter and third quarter of 2023, respectively. Service charge income increased by $0.1 million, or 4.2%, and $0.4 million, or 20.2%, from the prior quarter and prior-year third quarter, respectively, as the Bank continues to benefit from the renegotiation of vendor incentive programs related to the Bank's credit and debit card payments processing. Income provided by the Bank's investment in Ansay & Associates, LLC ("Ansay") increased by $0.3 million from the prior-year third quarter while declining $0.3 million from the prior quarter. Although income from Ansay has historically been less consistent than most areas of the Bank quarter-to-quarter, it has remained strong during 2024, increasing by $0.6 million, or 21.6%, through the first nine months of 2024 compared to the same period in 2023. Finally, the Bank experienced a negative $0.3 million valuation adjustment to its mortgage servicing rights asset during the third quarter of 2024 which compared unfavorably to positive valuation adjustments of $0.3 million and $0.2 million during the prior quarter and prior-year third quarter, respectively. Changes in the valuation of this asset historically correlate to changes in prevailing residential mortgage rates. Residential mortgage rates have ebbed and flowed during 2024, causing the valuation of this asset to be volatile through the first three quarters of the year.

Noninterest expense was $20.1 million for the third quarter of 2024, compared to $19.1 million during the prior quarter and $19.6 million during the third quarter of 2023. Most areas of noninterest expense have remained well-contained over the past five quarters as the Bank has worked efficiencies from recent acquisitions into its operations. The prior quarter included a $0.5 million gain on the sale of OREO which offset total noninterest expense, leading to some of the increase quarter-over-quarter. Beyond that, occupancy, equipment, and office expenses were elevated during the current quarter due to $0.2 million in losses on the disposal of equipment that needed to be upgraded. Finally, data processing contained $0.4 million in project-related expenses during the current quarter as part of the Bank's continued upgrade of its online customer platform.

Balance Sheet

Total assets were $4.29 billion on September 30, 2024, a $72.7 million increase from December 31, 2023, and a $207.0 million increase from September 30, 2023.

Total loans were $3.47 billion on September 30, 2024, up $127.9 million from December 31, 2023, and up $115.4 million from September 30, 2023. Loans grew 4.9% on an annualized basis during the third quarter of 2024.

Total deposits, nearly all of which remain core deposits, were $3.48 billion on September 30, 2024, up $51.8 million from December 31, 2023, and up $86.4 million from September 30, 2023. Total deposits grew by 10.0% and noninterest-bearing deposits grew by 18.8% on an annualized basis during the third quarter of 2024.

Asset Quality

Nonperforming assets on September 30, 2024, remained negligible, totaling $11.9 million compared to $11.0 million and $5.2 million at the end of the prior quarter and third quarter of 2023, respectively. Nonperforming assets to total assets ended the third quarter of 2024 at 0.28%.

Capital Position

Stockholders' equity totaled $628.9 million on September 30, 2024, an increase of $9.1 million from the end of 2023 and $51.6 million from September 30, 2023. Earnings of $48.0 million through the first nine months of 2024, offset by dividends totaling $11.1 million and repurchases of BFC common stock totaling $31.2 million during that period, were the primary factors leading to the increase in capital year-to-date. The Bank's book value per common share totaled $62.82 on September 30, 2024 compared to $59.80 on December 31, 2023 and $55.62 on September 30, 2023. Tangible book value per common share (non-GAAP) totaled $43.07 on September 30, 2024 compared to $40.30 on December 31, 2023 and $36.00 on September 30, 2023.

Dividend Declaration

Bank First's Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on January 6, 2025, to shareholders of record as of December 23, 2024. This dividend represents a 12.5% increase over the previous quarter's dividend and a 50.0% increase over the dividend declared one year earlier.

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 each of its 26 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 364 full-time equivalent staff and has assets of approximately $4.3 billion. Insurance services are available through our 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 on 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 non-GAAP adjusted net income, non-GAAP adjusted earnings per common share, adjusted earnings return on assets, 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. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Bank First and also aid investors in comparing Bank First's financial performance to the financial performance of peer banks. 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, 2023, 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)
		At or for the Three Months Ended			At or for the Nine Months Ended
(In thousands, except share and per share data)		9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023			9/30/2024			9/30/2023
Results of Operations:
Interest income		$	54,032			$	49,347			$	49,272			$	48,663			$	46,989			$	152,651			$	133,820
Interest expense			18,149				16,340				15,923				15,747				12,931				50,412				33,256
Net interest income			35,883				33,007				33,349				32,916				34,058				102,239				100,564
Provision for credit losses			-				-				200				500				-				200				4,182
Net interest income after provision for credit losses			35,883				33,007				33,149				32,416				34,058				102,039				96,382
Noninterest income			4,893				5,877				4,397				42,458				5,254				15,167				15,657
Noninterest expense			20,100				19,057				20,324				28,862				19,647				59,481				59,257
Income before income tax expense			20,676				19,827				17,222				46,012				19,665				57,725				52,782
Income tax expense			4,124				3,768				1,810				11,114				4,861				9,702				13,166
Net income		$	16,552			$	16,059			$	15,412			$	34,898			$	14,804			$	48,023			$	39,616
Earnings per common share (basic and diluted)		$	1.65			$	1.59			$	1.51			$	3.39			$	1.43			$	4.75			$	3.89
Common Shares:
Outstanding			10,011,428				10,031,350				10,129,190				10,365,131				10,379,071				10,011,428				10,379,071
Weighted average outstanding for the period			10,012,190				10,078,611				10,233,347				10,366,471				10,388,909				10,107,700				10,186,107
Noninterest income / noninterest expense:
Service charges		$	2,189			$	2,101			$	1,634			$	1,847			$	1,821			$	5,924			$	5,186
Income from Ansay			1,062				1,379				979				110				791				3,420				2,812
Income (loss) from UFS			-				-				-				(179	)			784				-				2,444
Loan servicing income			733				735				726				741				734				2,194				2,119
Valuation adjustment on mortgage servicing rights			(344	)			339				(312	)			(65	)			229				(317	)			460
Net gain on sales of mortgage loans			377				277				219				273				248				873				624
Gain on sale of UFS			-				-				-				38,904				-				-				-
Other noninterest income			876				1,046				1,151				827				647				3,073				2,012
Total noninterest income		$	4,893			$	5,877			$	4,397			$	42,458			$	5,254			$	15,167			$	15,657
Personnel expense		$	10,118			$	10,004			$	10,893			$	10,357			$	10,216			$	31,015			$	29,998
Occupancy, equipment and office			1,598				1,330				1,584				1,307				1,455				4,512				4,363
Data processing			2,502				2,114				2,389				1,900				2,153				7,005				6,111
Postage, stationery and supplies			213				205				238				236				244				656				848
Advertising			61				79				95				99				60				235				226
Charitable contributions			183				234				176				264				229				593				680
Outside service fees			1,598				1,889				1,293				1,363				1,438				4,780				4,987
Net loss (gain) on other real estate owned			-				(461	)			(47	)			1,591				53				(508	)			542
Net loss on sales of securities			-				-				34				7,826				-				34				75
Amortization of intangibles			1,429				1,475				1,500				1,604				1,626				4,404				4,720
Other noninterest expense			2,398				2,188				2,169				2,315				2,173				6,755				6,707
Total noninterest expense		$	20,100			$	19,057			$	20,324			$	28,862			$	19,647			$	59,481			$	59,257
Period-end balances:
Cash and cash equivalents		$	204,427			$	98,950			$	83,374			$	247,468			$	75,776			$	204,427			$	75,776
Investment securities available-for-sale, at fair value			128,438				127,977				138,420				142,197				179,046				128,438				179,046
Investment securities held-to-maturity, at cost			109,236				110,648				111,732				103,324				77,154				109,236				77,154
Loans			3,470,920				3,428,635				3,383,395				3,342,974				3,355,549				3,470,920				3,355,549
Allowance for credit losses - loans			(45,212	)			(45,118	)			(44,378	)			(43,609	)			(43,404	)			(45,212	)			(43,404	)
Premises and equipment			69,710				68,633				69,621				69,891				70,994				69,710				70,994
Goodwill and core deposit intangible, net			197,698				199,127				200,602				202,102				203,705				197,698				203,705
Mortgage servicing rights			13,350				13,694				13,356				13,668				13,733				13,350				13,733
Other assets			145,931				143,274				143,802				143,827				154,966				145,931				154,966
Total assets			4,294,498				4,145,820				4,099,924				4,221,842				4,087,519				4,294,498				4,087,519
Deposits
Interest-bearing			2,463,083				2,424,096				2,425,550				2,382,185				2,333,452				2,463,083				2,333,452
Noninterest-bearing			1,021,658				975,845				990,489				1,050,735				1,064,841				1,021,658				1,064,841
Securities sold under repurchase agreements			-				-				-				75,747				17,191				-				17,191
Borrowings			147,346				102,321				47,295				51,394				70,319				147,346				70,319
Other liabilities			33,516				28,979				27,260				41,983				24,387				33,516				24,387
Total liabilities			3,665,603				3,531,241				3,490,594				3,602,044				3,510,190				3,665,603				3,510,190
Stockholders' equity			628,895				614,579				609,330				619,798				577,329				628,895				577,329
Book value per common share		$	62.82			$	61.27			$	60.16			$	59.80			$	55.62			$	62.82			$	55.62
Tangible book value per common share (non-GAAP)		$	43.07			$	41.42			$	40.35			$	40.30			$	36.00			$	43.07			$	36.00
Average balances:
Loans		$	3,450,423			$	3,399,906			$	3,355,142			$	3,330,511			$	3,324,729			$	3,402,001			$	3,258,199
Interest-earning assets			3,833,968				3,696,099				3,741,498				3,738,589				3,671,620				3,757,468				3,627,015
Total assets			4,231,112				4,094,542				4,144,896				4,147,859				4,092,565				4,157,121				4,032,308
Deposits			3,435,172				3,401,828				3,446,145				3,406,028				3,404,708				3,427,741				3,367,647
Interest-bearing liabilities			2,583,382				2,466,726				2,512,304				2,426,870				2,411,062				2,521,031				2,394,630
Goodwill and other intangibles, net			198,493				199,959				201,408				202,933				204,556				199,948				190,470
Stockholders' equity			620,821				610,818				613,190				613,244				576,315				614,965				554,892
Financial ratios:
Return on average assets *			1.56	%			1.58	%			1.50	%			3.34	%			1.44	%			1.54	%			1.31	%
Return on average common equity *			10.61	%			10.57	%			10.11	%			22.58	%			10.19	%			10.43	%			9.55	%
Average equity to average assets			14.67	%			14.92	%			14.79	%			14.78	%			14.08	%			14.79	%			13.76	%
Stockholders' equity to assets			14.64	%			14.82	%			14.86	%			14.68	%			14.12	%			14.64	%			14.12	%
Tangible equity to tangible assets (non-GAAP)			10.53	%			10.53	%			10.48	%			10.39	%			9.62	%			10.53	%			9.62	%
Loan yield *			5.73	%			5.51	%			5.41	%			5.33	%			5.23	%			5.55	%			5.13	%
Earning asset yield *			5.64	%			5.40	%			5.33	%			5.20	%			5.11	%			5.46	%			4.97	%
Cost of funds *			2.79	%			2.66	%			2.55	%			2.57	%			2.13	%			2.67	%			1.86	%
Net interest margin, taxable equivalent *			3.76	%			3.63	%			3.62	%			3.53	%			3.71	%			3.67	%			3.74	%
Net loan charge-offs (recoveries) to average loans *			0.04	%			-0.05	%			-0.07	%			0.00	%			0.00	%			-0.03	%			-0.01	%
Nonperforming loans to total loans			0.32	%			0.31	%			0.29	%			0.20	%			0.10	%			0.32	%			0.10	%
Nonperforming assets to total assets			0.28	%			0.27	%			0.31	%			0.21	%			0.13	%			0.28	%			0.13	%
Allowance for credit losses - loans to total loans			1.30	%			1.32	%			1.31	%			1.30	%			1.29	%			1.30	%			1.29	%
Non-GAAP Financial Measures
Adjusted net income reconciliation
Net income (GAAP)		$	16,552			$	16,059			$	15,412			$	34,898			$	14,804			$	48,023			$	39,616
Acquisition related expenses			-				-				-				29				312				-				1,825
Severance from organizational restructure			-				-				-				359				-				-				-
Provision for credit losses related to acquisition			-				-				-				-				-				-				3,552
Fair value amortization on Trust Preferred redemption			-				-				-				1,382				-				-				-
Gain on sale of UFS			-				-				-				(38,904	)			-				-				-
Losses (gains) on sales of securities and OREO valuations			-				(461	)			(13	)			9,780				53				(474	)			617
Adjusted net income before income tax impact			16,552				15,598				15,399				7,544				15,169				47,549				45,610
Income tax impact of adjustments			-				97				3				7,248				(77	)			100				(1,213	)
Adjusted net income (non-GAAP)		$	16,552			$	15,695			$	15,402			$	14,792			$	15,092			$	47,449			$	44,397
Adjusted earnings per share calculation
Adjusted net income (non-GAAP)		$	16,552			$	15,695			$	15,402			$	14,792			$	15,092			$	47,449			$	44,397
Weighted average common shares outstanding for the period			10,012,190				10,078,611				10,233,347				10,366,471				10,388,909				10,107,700				10,186,107
Adjusted earnings per share (non-GAAP)		$	1.65			$	1.56			$	1.51			$	1.44			$	1.46			$	4.69			$	4.36
Annualized return of adjusted earnings on average assets calculation
Adjusted net income (non-GAAP)		$	16,552			$	15,695			$	15,402			$	14,792			$	15,092			$	47,449			$	44,397
Average total assets		$	4,231,112			$	4,094,542			$	4,144,896			$	4,147,859			$	4,092,565			$	4,157,121			$	4,032,308
Annualized return of adjusted earnings on average assets (non-GAAP)			1.56	%			1.54	%			1.49	%			1.41	%			1.48	%			1.52	%			1.47	%
Tangible assets reconciliation
Total assets (GAAP)		$	4,294,498			$	4,145,820			$	4,099,924			$	4,221,842			$	4,087,519			$	4,294,498			$	4,087,519
Goodwill			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)
Core deposit intangible, net of amortization			(22,592	)			(24,021	)			(25,496	)			(26,996	)			(28,599	)			(22,592	)			(28,599	)
Tangible assets (non-GAAP)		$	4,096,800			$	3,946,693			$	3,899,322			$	4,019,740			$	3,883,814			$	4,096,800			$	3,883,814
Tangible common equity reconciliation
Total stockholders' equity (GAAP)		$	628,895			$	614,579			$	609,330			$	619,798			$	577,329			$	628,895			$	577,329
Goodwill			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)
Core deposit intangible, net of amortization			(22,592	)			(24,021	)			(25,496	)			(26,996	)			(28,599	)			(22,592	)			(28,599	)
Tangible common equity (non-GAAP)		$	431,197			$	415,452			$	408,728			$	417,696			$	373,624			$	431,197			$	373,624
Tangible book value per common share calculation
Tangible common equity (non-GAAP)		$	431,197			$	415,452			$	408,728			$	417,696			$	373,624			$	431,197			$	373,624
Common shares outstanding at the end of the period			10,011,428				10,031,350				10,129,190				10,365,131				10,379,071				10,011,428				10,379,071
Tangible book value per common share (non-GAAP)		$	43.07			$	41.42			$	40.35			$	40.30			$	36.00			$	43.07			$	36.00
Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)		$	431,197			$	415,452			$	408,728			$	417,696			$	373,624			$	431,197			$	373,624
Tangible assets (non-GAAP)		$	4,096,800			$	3,946,693			$	3,899,322			$	4,019,740			$	3,883,814			$	4,096,800			$	3,883,814
Tangible equity to tangible assets (non-GAAP)			10.53	%			10.53	%			10.48	%			10.39	%			9.62	%			10.53	%			9.62	%

* 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, 2024			September 30, 2023
		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		$	3,340,597				192,615				5.77	%		$	3,219,654			$	169,083				5.25	%
Tax-exempt			109,826				5,161				4.70	%			105,075				4,691				4.46	%
Securities
Taxable (available for sale)			117,064				6,375				5.45	%			176,363				6,933				3.93	%
Tax-exempt (available for sale)			32,911				1,116				3.39	%			33,629				1,111				3.30	%
Taxable (held to maturity)			106,490				4,211				3.95	%			73,007				2,595				3.55	%
Tax-exempt (held to maturity)			3,196				84				2.63	%			4,152				109				2.63	%
Cash and due from banks			123,884				6,728				5.43	%			59,740				3,140				5.26	%
Total interest-earning assets			3,833,968				216,290				5.64	%			3,671,620				187,662				5.11	%
Noninterest-earning assets			442,248												464,357
Allowance for credit losses - loans			(45,104	)											(43,412	)
Total assets		$	4,231,112											$	4,092,565
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts		$	382,388			$	10,680				2.79	%		$	294,961			$	5,762				1.95	%
Savings accounts			820,631				12,656				1.54	%			838,980				10,753				1.28	%
Money market accounts			601,409				14,997				2.49	%			661,274				13,582				2.05	%
Certificates of deposit			625,573				26,890				4.30	%			525,609				16,075				3.06	%
Brokered Deposits			8,918				357				4.00	%			874				20				2.29	%
Total interest-bearing deposits			2,438,919				65,580				2.69	%			2,321,698				46,192				1.99	%
Other borrowed funds			144,463				6,622				4.58	%			89,364				5,108				5.72	%
Total interest-bearing liabilities			2,583,382				72,202				2.79	%			2,411,062				51,300				2.13	%
Noninterest-bearing liabilities
Demand Deposits			996,253												1,083,010
Other liabilities			30,656												22,178
Total Liabilities			3,610,291												3,516,250
Shareholders' equity			620,821												576,315
Total liabilities & shareholders' equity		$	4,231,112											$	4,092,565
Net interest income on a fully taxable
equivalent basis							144,088												136,362
Less taxable equivalent adjustment							(1,336	)											(1,241	)
Net interest income						$	142,752											$	135,121
Net interest spread (3)											2.85	%											2.98	%
Net interest margin (4)											3.76	%											3.71	%

(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, 2024			September 30, 2023
		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		$	3,293,762			$	183,971				5.59	%		$	3,155,397			$	162,543				5.15	%
Tax-exempt			108,239				4,970				4.59	%			102,802				4,629				4.50	%
Securities
Taxable (available for sale)			134,281				6,221				4.63	%			199,164				6,234				3.13	%
Tax-exempt (available for sale)			33,242				1,132				3.41	%			38,310				1,218				3.18	%
Taxable (held to maturity)			106,957				4,248				3.97	%			66,895				2,407				3.60	%
Tax-exempt (held to maturity)			3,515				92				2.62	%			4,518				117				2.59	%
Cash, due from banks and other			77,472				4,573				5.90	%			59,929				3,021				5.04	%
Total interest-earning assets			3,757,468				205,207				5.46	%			3,627,015				180,169				4.97	%
Noninterest-earning assets			444,055												446,437
Allowance for loan losses			(44,402	)											(41,144	)
Total assets		$	4,157,121											$	4,032,308
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts		$	401,363			$	11,337				2.82	%		$	294,753			$	5,145				1.75	%
Savings accounts			816,202				12,253				1.50	%			839,459				9,372				1.12	%
Money market accounts			611,257				14,783				2.42	%			664,758				11,883				1.79	%
Certificates of deposit			606,988				25,174				4.15	%			491,544				12,495				2.54	%
Brokered Deposits			3,491				131				3.75	%			4,005				115				2.87	%
Total interest-bearing deposits			2,439,301				63,678				2.61	%			2,294,519				39,010				1.70	%
Other borrowed funds			81,730				3,662				4.48	%			100,111				5,453				5.45	%
Total interest-bearing liabilities			2,521,031				67,340				2.67	%			2,394,630				44,463				1.86	%
Noninterest-bearing liabilities
Demand Deposits			988,440												1,058,668
Other liabilities			32,685												24,118
Total Liabilities			3,542,156												3,477,416
Stockholders' equity			614,965												554,892
Total liabilities & stockholders' equity		$	4,157,121											$	4,032,308
Net interest income on a fully taxable equivalent basis							137,867												135,706
Less taxable equivalent adjustment							(1,301	)											(1,252	)
Net interest income						$	136,566											$	134,454
Net interest spread (3)											2.79	%											3.11	%
Net interest margin (4)											3.67	%											3.74	%

(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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