Exhibit 99.1

NEWS RELEASE

P.O. Box 10, Manitowoc, WI 54221-0010

For further information, contact:

Kevin M LeMahieu, Chief Financial Officer

Phone: (920) 652-3200 / klemahieu@bankfirst.com

FOR IMMEDIATE RELEASE

Bank First Announces Net Income for the Third Quarter of 2024

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.

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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.

* Components of the quarterly ratios were annualized.