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Bank First (BFC) is like:

• The Bank of America of Wisconsin.

• Wells Fargo, but focused entirely on Wisconsin.

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• Deposit Accounts: Offers various checking, savings, money market, retirement, health savings, and time deposit accounts for individuals and businesses.
• Loan Products: Provides a range of real estate (commercial, residential mortgage, home equity), commercial and industrial, construction and development, and consumer loans.
• Credit Cards: Issues credit cards for personal and business use.
• Insurance Services: Offers various insurance products to clients.
• Investment & Safekeeping Services: Provides investment planning assistance and secure storage solutions.
• Treasury Management Services: Helps businesses manage their cash flow, liquidity, and financial risks.
• Online, Mobile, & Telephone Banking: Delivers convenient digital and telephonic platforms for banking transactions and account access.
• ATM Processing: Manages automated teller machine operations for cash withdrawals and deposits.
• Data Processing and Information Technology Services: Provides data management and IT infrastructure services, supporting banking operations and potentially offered to businesses.

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Bank First (BFC) operates as a community bank primarily serving a broad base of customers within its operating counties in Wisconsin. As such, it does not have a small number of major named corporate customers. Instead, its customer base is diversified across several categories:

• Individual Consumers: This category includes individuals and families who utilize the bank's services for personal financial needs, such as checking, savings, money market, and health savings accounts, residential mortgage products, credit cards, and various consumer loans for personal and household purposes.
• Small to Medium-sized Businesses and Professionals: This segment comprises local businesses of varying sizes and individual professionals who require commercial financial services, commercial real estate loans, commercial and industrial loans for working capital, inventory financing, and other business purposes, as well as cash management and treasury services.
• Associations and Governmental Authorities: Bank First also provides financial services to local non-profit associations, community organizations, and governmental entities within its service area.

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Michael B. Molepske, Chief Executive Officer, Chairman of the Board

Michael B. Molepske has served as Chief Executive Officer of Bank First since December 2008 and became Chairman of the Board of Directors in June 2022. He joined Bank First in 2005 as Senior Loan Officer and Regional President. Prior to his tenure at Bank First, Mr. Molepske gained experience as a Credit Analyst, Business Banker, Senior Loan Officer, and Market President at Associated Bank. Under his leadership, Bank First's assets have grown significantly, from $660 million in 2008 to $4.5 billion by March 2025. He holds Bachelor of Science Degrees in Finance and Management Information Systems from the University of Wisconsin, Madison, and a Master of Business Administration from the University of Wisconsin, Milwaukee.

Kevin M. LeMahieu, Chief Financial Officer

Kevin M. LeMahieu joined Bank First in August 2014 as Chief Financial Officer, where he is responsible for overseeing the Bank's finance activities and financial reporting. Mr. LeMahieu has dedicated his entire professional career to public accounting and finance. Before joining Bank First, he spent nine years, from 1995 to 2004, with Beene Garter LLP, where he managed audit and review teams for clients across various industries.

Timothy J. McFarlane, President

Timothy J. McFarlane began his banking career in 1988 as a Credit Analyst. He served as Community Bank President at Associated Bank from 1995 to 2003, during which he significantly grew the Fond du Lac office. In 2003, he became President, Chief Executive Officer, and Chairman of the Board of Directors at Hometown Bank. During his time at Hometown Bank, he led the successful acquisitions of Farmers Exchange Bank in 2015 and United Community Bank in 2018, expanding the bank's assets from $189 million to $654 million. Mr. McFarlane joined Bank First as President in February 2023 as part of the merger with Hometown Bank.

Jason V. Krepline, Chief Lending Officer

Jason V. Krepline joined Bank First in 2005 as Vice President of Business Banking. Currently, he serves as Chief Lending Officer, overseeing the Bank's business banking frontline operations and providing leadership on credit decisions. Prior to joining Bank First, Mr. Krepline spent seven years at Associated Bank, holding positions such as Credit Analyst, Business Banking Officer, and Vice President of Business Banking.

Kelly M. Dvorak, Chief Legal Counsel

Kelly M. Dvorak joined Bank First in 2017 and serves as Chief Legal Counsel. In this role, she is responsible for the Bank's legal, compliance, and shareholder services departments. Ms. Dvorak brings 20 years of legal and leadership experience, having started her legal career in litigation at Whyte Hirschboeck Dudek (now Husch Blackwell) in 2004, and later working as in-house counsel for DVO, Inc.

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1. Credit Risk: As a financial institution providing a wide array of loan products, including commercial real estate, residential mortgage, home equity, commercial and industrial, construction and development, and consumer loans, Bank First is significantly exposed to credit risk. This is the risk that borrowers may default on their obligations, leading to financial losses for the bank. The adequacy of the bank's allowance for credit losses is a critical management area, as economic downturns or unforeseen events could necessitate an increase in this allowance, impacting financial results.
2. Interest Rate Risk: Bank First's financial stability and profitability are vulnerable to fluctuations in interest rates. Changes in interest rates can adversely affect the bank's capital and earnings by impacting the present value and timing of future cash flows from its banking book positions. This can alter the underlying value of its assets, liabilities, and off-balance sheet items, and influence net interest income, which is a primary source of revenue for banks. Managing this risk through strategies like gap analysis and interest rate simulations is crucial, but unpredictable market conditions and regulatory changes can affect the effectiveness of these strategies.
3. Regulatory Compliance Burden: Community banks like Bank First face a dynamic and often uncertain regulatory environment. Increased federal regulatory and supervisory activity, along with evolving compliance requirements, impose a significant burden on these institutions. This burden can lead to higher compliance costs, divert resources from core banking activities and innovation, and demand heightened vigilance and adaptability in strategic planning and operations. Failure to effectively navigate the complex regulatory landscape can result in penalties and impact the bank's ability to serve its customers and communities efficiently.

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1. **Digital-only banks (neobanks):** These entities operate without physical branches, offering competitive interest rates, lower fees, and highly convenient online and mobile banking experiences. They directly challenge Bank First's traditional branch-based model for attracting deposits and originating consumer loans by appealing to customers who prioritize digital convenience and cost savings over in-person service.
2. **Specialized financial technology (fintech) companies:** These companies focus on providing superior, tech-driven solutions for specific banking functions, such as digital lending platforms (e.g., for mortgages or personal loans), advanced payment processing systems, or user-friendly investment applications. By unbundling and optimizing specific services, they can erode Bank First's market share and revenue in particular product categories.
3. **Large technology companies ("Big Tech") entering financial services:** Companies like Apple, Google, and Amazon, with their vast user bases, advanced data analytics, and technological prowess, are increasingly developing and integrating financial products and services into their ecosystems. These offerings could potentially bypass traditional banks entirely, providing highly convenient and integrated financial solutions that attract customers away from established institutions like Bank First.

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For Bank First (symbol: BFC), the addressable markets for its main products and services in Wisconsin are as follows:

• Deposits (including checking, savings, money market, cash management, retirement, health savings accounts, other time deposits, and certificates of deposit): The total bank deposits in Wisconsin amounted to approximately $129.73 billion as of March 31, 2025.
• Commercial and Industrial Loans, and General Commercial Financial Services (including consumer, commercial, and industrial loans): The market size of the Commercial Banking industry in Wisconsin is estimated at $19.0 billion in 2026.
• Residential Mortgage Products: The estimated market value for existing home sales in Wisconsin is approximately $22.7 billion for the year 2025, based on projections of 69,400 existing home sales at a statewide median price of $327,400.
• Credit Cards: The market size of the Credit Card Issuing industry in Wisconsin is $677.0 million in 2025.

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Bank First Corporation (BFC) is expected 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 anticipates continued revenue growth through mid-single-digit loan expansion, indicating an ongoing increase in its lending activities as a primary factor for revenue generation.
• Increased Loan Yields from Repricing: Bank First expects that an increase in loan yields due to repricing will continue to enhance its loan portfolio yields, thereby boosting interest income.
• Strategic Acquisitions and Market Presence Expansion: The recent acquisition of Centre 1 Bancorp, Inc., completed on January 1, 2026, significantly expands Bank First's geographic footprint and market presence. This acquisition adds approximately $6 billion in assets and 38 branch locations across Wisconsin and the Stateline area of Illinois, and also broadens the company's services to include trust and wealth management.
• Digital Banking Expansion and Fintech Enablement: Bank First has strategically focused on enhancing its digital banking experience. The successful implementation of the Empowered Core banking technology platform in July 2024 provides greater flexibility, speed to market, and Fintech enablement, which is expected to attract a tech-savvy customer base and streamline operations.
• Relationship-Based Community Banking: BFC's continued emphasis on its relationship-based community banking model is seen as a crucial opportunity to deepen existing customer relationships and expand its customer base.

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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 in February 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.
• This acquisition was an all-stock transaction where Centre shareholders are to receive 0.9200 shares of Bank First common stock for each Centre share, valued at approximately $174.3 million.
• The number of shares outstanding for Bank First decreased by 1.85% in one year.

Outbound Investments

• In January 2026, Bank First completed the acquisition of Centre 1 Bancorp, Inc., parent company of The First National Bank and Trust Company, in an all-stock transaction valued at approximately $174.3 million. This acquisition is set to expand Bank First's presence into southern Wisconsin and northern Illinois.
• The combined organization, following the Centre 1 Bancorp acquisition, operates 38 branch locations across Wisconsin and the Stateline area of Illinois, with approximately $6 billion in assets.
• Bank First completed two acquisitions in 2022: Hometown Bank in July and Denmark State Bank in January.

Capital Expenditures

• In the fourth quarter of 2025, Bank First Corp invested $2.7 million in capital expenditures, primarily funding long-term assets and infrastructure.
• This represented a 9.5% decrease in capital expenditures from the prior quarter.
• Capital expenditures for the last 12 months were reported as -$12.15 million, indicating cash spent on long-term assets.