Here are 1-2 brief analogies for Bank First (BFC):

• Think of it like **Bank of America, but focused on Wisconsin communities.**
• It's like a **JPMorgan Chase, but scaled for regional banking needs.**

• Deposit Services: Offers a variety of checking, savings, money market accounts, and certificates of deposit for individuals and businesses.
• Lending Services: Provides personal loans, residential mortgage loans, and commercial loans to meet diverse borrowing needs.
• Wealth Management Services: Delivers financial planning, investment management, and trust services to help clients manage and grow their assets.
• Treasury Management Services: Equips businesses with tools and services to optimize cash flow, manage payments, and enhance financial operations.

Bank First (BFC) serves a diverse customer base, primarily within Wisconsin. Due to the confidential nature of client relationships in the banking industry, specific customer company names are not publicly disclosed. Bank First serves both individuals and businesses, with a significant portion of its loan portfolio directed towards commercial clients. Its major customers can be categorized as:

• Individuals and Households: This segment includes consumers seeking personal checking and savings accounts, residential mortgages, home equity loans, auto loans, and various other personal banking and wealth management services.
• Small to Medium-sized Businesses (SMBs) and Commercial Enterprises: Bank First provides a full suite of commercial banking services to local and regional businesses. This includes commercial loans, lines of credit, treasury management services, business checking accounts, and other financial solutions tailored for operational needs, expansion, and growth.
• Commercial Real Estate Developers and Investors: A significant portion of Bank First's lending activities is directed towards financing commercial real estate projects. This customer category includes developers, investors, and property owners seeking loans for the acquisition, construction, development, and refinancing of commercial properties such as multi-family residential, retail, office, and industrial spaces.

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Michael B. Molepske, Chief Executive Officer & Chairman of the Board
Mr. Molepske joined Bank First in 2005 as Senior Loan Officer and Regional President. He was appointed Chief Executive Officer in 2008 and President in 2010, and in June 2022, he was elected Chairman of the Board of Directors. Before joining Bank First, from 1988 to 2005, Mr. Molepske held positions at Associated Bank as a Credit Analyst, Business Banker, Senior Loan Officer, and Market President, where he managed commercial banking, private banking, credit administration, and treasury management functions for the Lakeshore Region. Since joining Bank First, he has been involved in the opening of a Sheboygan location and the acquisition of Acuity Bank in Sheboygan.

Kevin LeMahieu, Chief Financial Officer
Mr. LeMahieu joined Bank First in August 2014 as Chief Financial Officer. He oversees the Bank's finance activities and financial reporting functions. Prior to Bank First, he spent his professional career in public accounting and finance. He worked at Beene Garter LLP from 1995 to 2004, where he managed audit and review teams. From 2004 to 2014, he served as Assurance Services Senior Manager and Director with CliftonLarsonAllen LLP, primarily managing audit and review teams for financial institutions. In 2023, he was honored with Insight Publications' CFO of the Year award for Community Service.

Timothy McFarlane, President & Director
Mr. McFarlane serves as the President and a Director of Bank First.

Kelly Dvorak, Chief Legal Counsel & Company Secretary
Ms. Dvorak holds the position of Chief Legal Counsel and Company Secretary at Bank First.

Jason Krepline, Chief Lending Officer
Mr. Krepline serves as the Chief Lending Officer for Bank First. He joined the company and Bank in 2005 as Vice President of Business Banking. He was later promoted to Regional President and Senior Loan Officer, responsible for establishing the Bank's presence in Sheboygan. Before his tenure with Bank First, Mr. Krepline spent seven years at Associated Bank in various roles, including Credit Analyst, Business Banking Officer, and Vice President of Business Banking, where he developed and enhanced business banking relationships in the Sheboygan market.

The key risks to Bank First (symbol: BFC) are primarily related to interest rate fluctuations, credit and lending activities, and the highly competitive banking environment.

1. Interest Rate Fluctuations: Changes in market interest rates pose a significant risk to Bank First's profitability. Fluctuations can impact the company's net interest margin, which is a crucial determinant of its earnings.
2. Credit and Lending Risks: Bank First is exposed to inherent credit and lending risks, particularly due to its substantial real estate loan portfolio. Economic downturns or adverse market conditions could negatively affect the quality of this portfolio and lead to increased loan losses.
3. Competitive Environment: The company operates within a highly competitive banking landscape, facing strong competition from local, regional, and national financial institutions, especially in its key markets of Oklahoma and North Texas. This intense competition can influence interest rates, fees, and the overall quality of services, potentially impacting Bank First's market share and profitability.

The increasing competition from digital-first banks (neobanks and fintech companies) that offer banking services primarily through mobile apps and online platforms. These competitors leverage technology to provide seamless user experiences, potentially lower fees, and often more competitive interest rates, attracting customers who prioritize convenience and digital access over traditional branch banking relationships.

Bank First Corporation (BFC) primarily operates as a community bank offering consumer and commercial financial services in Wisconsin. The addressable markets for its main products and services can be broadly categorized as follows:

• U.S. Community Banking Market: The U.S. community banking market was valued at approximately $17.79 billion in 2024 and is projected to grow to $19.39 billion in 2025. It is expected to reach $26.98 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.6%. In 2024, North America held a dominant share of over 40% in the global community banking market, accounting for $6.68 billion in revenue. As of December 2022, community banks in the U.S. controlled $3.2 trillion in assets.

• U.S. Retail Banking Market: The U.S. retail banking market, which encompasses services for individual consumers and small businesses, was valued at $1,105 billion in 2024 and is projected to reach $1,850 billion by 2032, with a CAGR of 6.7%. Another estimate places the U.S. retail banking market at $0.87 trillion in 2025, forecasted to reach $1.08 trillion by 2030. This market is also expected to grow by $92.1 billion during 2024-2029, with a CAGR of 4.2%.

• U.S. Commercial Lending Market: For its commercial and industrial loans and commercial real estate loans, Bank First operates within the broader U.S. commercial lending market. The U.S. commercial banking market is estimated at $732.5 billion in 2025 and is projected to reach $915.45 billion by 2030, reflecting a 4.56% CAGR. Commercial lending represented 44.34% of the U.S. commercial banking market share in 2024. Loans to the private sector in the United States reached $2694.81 billion in September 2025. Globally, the commercial lending market size was $14.15 trillion in 2023, growing to an estimated $16.44 trillion in 2024. It is expected to reach $30.09 trillion by 2028.

• Wisconsin Banking Market: More specifically, Bank First operates within the Wisconsin state-chartered banking market. As of year-end 2024, Wisconsin's state-chartered banks had total assets of $70.24 billion. Net loans for these banks increased to $50.7 billion by year-end 2024. At year-end 2023, total assets for Wisconsin's state-chartered banks were $67.08 billion, with net loans at $48.5 billion.

Expected Drivers of Future Revenue Growth for Bank First (BFC)

Bank First (BFC) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and market dynamics. Key expected drivers include:

• Loan Portfolio Expansion: The company expects continued growth through mid-single-digit loan expansion. This ongoing increase in its lending activities is a primary factor for revenue generation.
• Increased Loan Yields from Repricing: Bank First anticipates that an increase in loan yields due to repricing will continue to boost its loan portfolio yields, thereby enhancing interest income.
• Strategic Acquisitions and Organic Growth: Future revenue growth is expected to be fueled by strategic acquisitions, such as the acquisition of First National Bank & Trust in Beloit, Wisconsin, scheduled to close in early 2026, and the Magnolia Acquisition in July 2025. Additionally, the bank's focus on organic growth, community banking, and customer relationships is expected to drive sustainable expansion.
• Growth in Noninterest Income: The bank has shown an increase in noninterest income, specifically from its investment in Ansay & Associates, LLC, and gains on sales of mortgage loans. Continued growth in these diversified revenue streams will contribute to overall revenue expansion.

Share Repurchases

• Bank First Corporation actively engages in share repurchases as part of its capital allocation strategy.
• In the first quarter of 2025, the company repurchased $6.4 million of its common stock.
• Under a buyback plan announced on February 18, 2025, Bank First completed repurchases totaling $42.62 million for 368,558 shares.

Share Issuance

• Bank First Corporation plans to issue shares for the acquisition of Centre 1 Bancorp, Inc., an all-stock transaction where Centre shareholders will receive 0.9200 shares of Bank First common stock for each Centre share.

Outbound Investments

• Bank First Corporation entered into a definitive agreement to acquire Centre 1 Bancorp, Inc. in an all-stock transaction valued at approximately $174.3 million, expected to close on January 1, 2026.
• This acquisition is set to expand Bank First's presence into southern Wisconsin and northern Illinois.
• Prior acquisitions include Denmark State Bank in 2022 and a merger with Hometown Bank in February 2023.

Capital Expenditures

• Capital expenditures were reported as $7.27 million in 2020, $8.09 million in 2021, $8.17 million in 2022, $6.87 million in 2023, and $13 million in 2024.
• The primary focus of capital expenditures includes investments in technology, de novo branch expansion, and facility upgrades.
• Significant projects include the construction of new facilities in Sturgeon Bay and Denmark, estimated to be completed by December 2023.