Exhibit 99.1 

NEWSRELEASE

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 Fourth Quarter of 2024

MANITOWOC, Wis, January 21, 2025 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $17.5 million, or $1.75 per share, for the fourth quarter of 2024, compared with net income of $34.9 million, or $3.39 per share, for the prior-year fourth quarter. For the year ended December 31, 2024, Bank First earned $65.6 million, or $6.50 per share, compared to $74.5 million, or $7.28 per share for the full year of 2023.

Financial results for the fourth quarter and full year of 2023 included several significant one-time transactions:

After removing the impact of these one-time transactions, as well as other one-time expenses related to acquisitions and gains and losses on sales of securities and OREO, the Bank reported adjusted net income (non-GAAP) of $17.4 million, or $1.74 per share, for the fourth quarter of 2024, compared with $14.8 million, or $1.44 per share, for the prior-year fourth quarter. For the year ended December 31, 2024, adjusted net income (non-GAAP) totaled $65.0 million, or $6.45 per share, compared to $59.2 million, or $5.82 per share for the full year of 2023.

“We are pleased with the financial results for 2024,” stated CEO Mike Molepske. “The Bank delivered a return on assets, a measure of both profitability and efficiency, of 1.56%, marking the second consecutive year this metric exceeded 1.50%. Our consistently strong financial performance is directly related to the tireless efforts of our team to remain true to our promise to be ‘a relationship-based bank that delivers innovative solutions to the communities we serve.’”

Operating Results

Net interest income (“NII”) during the fourth quarter of 2024 was $35.6 million, $0.3 million less than the previous quarter but $2.6 million higher than the fourth 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 $0.8 million, or $0.06 per share after tax, during the fourth quarter of 2024, compared to $1.7 million, or $0.13 per share after tax, during the previous quarter and $0.4 million, or $0.03 per share after tax, during the fourth 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 previous quarter. The redemptions of Trust I and Trust II, noted earlier in this release, reduced the impact of purchase accounting during the fourth quarter of 2023.

Net interest margin (“NIM”) was 3.61% for the fourth quarter of 2024, compared to 3.76% for the previous quarter and 3.53% for the fourth quarter of 2023. NII from purchase accounting increased NIM by 0.08%, 0.17%, and 0.01% for each period, respectively. In addition to the volatility caused by purchase accounting over recent quarters, a seasonal buildup of higher interest rate deposits through the fourth quarter of 2024 further hampered NIM for that quarter. While the Bank makes a margin on these funds (approximately 0.35%), elevated levels in these products decreases the Bank’s overall NIM. Even with the buildup of these deposits, cost of funds for the Bank declined 6 basis points quarter-over-quarter.

Bank First recorded a negative provision for credit losses totaling $1.0 million during the fourth quarter of 2024, comparing favorably to no provision in the previous quarter and a positive provision of $0.5 million during the fourth quarter of 2023. While the Bank’s overall credit quality has remained consistently strong over all these periods, improvement in financial trends related to two relationships that were part of the Hometown acquisition allowed for a reduction in specific reserves related to them, causing the decrease in overall required allowance for credit losses related to the loan portfolio. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.4 million for the year ended December 31, 2024, compared to recoveries exceeding charge-offs by $0.1 million for the prior year.

Noninterest income was $4.5 million for the fourth quarter of 2024, compared to $4.9 million and $42.5 million for the prior quarter and fourth quarter of 2023, respectively. Noninterest income during the fourth quarter of 2023 included the aforementioned gain on sale of UFS, totaling $38.9 million. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) experienced a typical seasonal fourth-quarter decline, down $1.0 million from the prior quarter but nearly matching the fourth quarter of 2023. Income from Ansay increased by $0.6 million, or 19.8%, for the full year of 2024 compared to 2023. The Bank experienced a minimal positive adjustment to its mortgage servicing rights asset during the fourth quarter of 2024, comparing favorably to a negative valuation adjustment of $0.3 million and $0.1 million during the prior quarter and prior-year fourth quarter, respectively. All other areas of noninterest income remained consistent with recent quarterly results.

Noninterest expense was $19.3 million for the fourth quarter of 2024, compared to $20.1 million during the prior quarter and $28.9 million during the fourth quarter of 2023. Noninterest expenses during the fourth quarter of 2023 included the aforementioned $7.8 million loss on the sale of securities, $1.6 million loss on the sale and valuation adjustments of OREO, and $0.4 million impairment to the cost basis of a branch location. Data processing expense continued its elevated trend during 2024 as the Bank incurred another $0.4 million in project-related expenses during the current quarter as part of the Bank’s continued upgrade of its digital banking platform. All other 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.

Balance Sheet

On December 31, 2024, total assets were $4.50 billion, an increase of $273.2 million, or 6.5%, from December 31, 2023.

Total investment securities available-for-sale and held-to-maturity were $333.8 million on December 31, 2024, increasing $88.3 million, or 36.0%, from December 31, 2023. The previously mentioned seasonal buildup of higher interest rate deposits during the fourth quarter of 2024 included many that required collateralization by the Bank’s investment portfolio. In response to this heightened need for collateral, the Bank invested $100.0 million into a 30-day US Treasury note which will mature before the end of January 2025.

Total loans were $3.52 billion on December 31, 2024, up $174.2 million, or 5.2%, from December 31, 2023. Loans grew 5.3% on an annualized basis during the fourth quarter of 2024.

Total deposits, nearly all of which remain core deposits, were $3.66 billion on December 31, 2024, which is up $228.2 million, or 6.7%, from December 31, 2023. Total deposits grew 20.2% on an annualized basis during the fourth quarter of 2024, though much of this growth was in higher interest earning seasonal deposits.

Asset Quality

Nonperforming assets on December 31, 2024, remained negligible, totaling $9.2 million compared to $11.9 million and $9.1 million at the end of the prior quarter and prior year, respectively. Nonperforming assets to total assets ended the fourth quarter of 2024 at 0.21%, down from 0.28% at the end of the prior quarter and matching the end of the prior year. OREO on December 31, 2024, consisted of one property valued at $0.7 million, currently listed for sale, previously an operating branch location of an acquired institution.

Capital Position

Stockholders’ equity totaled $639.7 million on December 31, 2024, an increase of $19.9 million from the end of 2023. Earnings of $65.6 million were offset by dividends totaling $15.6 million and repurchases of BFC common stock totaling $31.2 million during 2024. The Bank’s book value per common share totaled $63.89 on December 31, 2024, compared to $59.80 on December 31, 2023. Tangible book value per common share (non-GAAP) totaled $44.28 on December 31, 2024, compared to $40.30 on December 31, 2023.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on April 9, 2025, to shareholders of record as of March 26, 2025. This dividend matches the previous quarter’s dividend and represents a 28.6% 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 its 26 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 357 full-time equivalent staff and has assets of approximately $4.5 billion. Insurance services are available through its 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 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.

Bank First Corporation

Consolidated Financial Summary (Unaudited)

* Components of the quarterly ratios were annualized.

Bank First Corporation

Average assets, liabilities and stockholders' equity, and average rates earned or paid  

(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

(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.