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 2022

· Successfully closed acquisition of Denmark Bancshares, Inc. during the quarter impacting quarterly results and period-end balances

· Net income of $10.5 and $32.4 million for the three and nine months ended September 30, 2022, respectively

· Earnings per common share of $1.26 and $4.15 for the three and nine months ended September 30, 2022, respectively

· Quarterly cash dividend of $0.25 per share declared, matching the prior quarter and a 13.6% increase from the prior-year third quarter

MANITOWOC, Wis, October 18, 2022 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $10.5 million, or $1.26 per share, for the third quarter of 2022, compared with net income of $11.2 million, or $1.46 per share, for the prior-year third quarter. For the nine months ended September 30, 2022, Bank First earned $32.4 million, or $4.15 per share, compared to $34.3 million, or $4.45 per share for the same period in 2021. Pre-tax expenses related to the Bank’s acquisition of Denmark Bancshares, Inc. (“Denmark”) and planned acquisition of Hometown Bancorp, Ltd. totaled $4.6 million during the third quarter of 2022, reducing after-tax earnings per share by approximately $0.43. Year-to-date these expenses have reduced after-tax earnings per share by $0.57.

Operating Results

Net interest income (“NII”) during the third quarter of 2022 was $27.7 million, up $4.2 million from the previous quarter and up $4.8 million from the third quarter of 2021. Interest income on loans originated through the Small Business Administration’s Paycheck Protection Program (“PPP”) totaled $0.1 million during the third quarter of 2022, compared to $0.4 million during the previous quarter and $2.3 million during the third quarter of 2021.

Purchase accounting entries, resulting from our acquisition of Denmark during the third quarter of 2022, as well as acquisitions of other institutions over the last several years, increased NII during the third quarter of 2022 by $0.7 million, or $0.07 per share after tax, compared to $0.4 million and $0.3 million, or $0.04 and $0.03 per share after tax, for the previous quarter and third quarter of 2021, respectively. For the first nine months of 2022 and 2021 the impact of these purchase accounting entries increased NII by $1.4 million, or $0.13 per share after tax, and $1.2 million, or $0.12 per share after tax, respectively.

Net interest margin (“NIM”) was 3.63% for the third quarter of 2022, compared to 3.21% for the previous quarter and 3.47% for the third quarter of 2021. Purchase accounting entries added 0.10%, 0.05% and 0.04% to NIM for each of these periods, respectively.

During much of the first half of 2022 the Bank engaged in a strategy to enhance NII, utilizing $300.0 million in short-term borrowings from the Federal Home Loan Bank and investing these funds in short-term, liquid, risk-free, interest-earning assets. This strategy was discontinued during the third quarter of 2022 contributing approximately 0.27% to the increase in NIM quarter-over-quarter.

Bank First did not record a provision for loan losses during the third quarter of 2022, compared to a provision of $0.5 million during the previous quarter and $0.7 million during the third quarter of 2021. Provision expense was $1.7 million for the first nine months of 2022 compared to $2.5 million for the same period during 2021. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.3 million during the third quarter of 2022 and $1.0 million through the first nine months of 2022. These net recoveries along with continued strong asset quality metrics in the Bank’s loan portfolio led to management’s decision that there was not a need for provision expense during the third quarter of 2022.

Noninterest income was $5.2 million for the third quarter of 2022, compared to $5.6 million during the previous quarter and $5.0 million for the third quarter of 2021. As noted in recent quarters, noninterest income for the Bank during 2022 has been negatively impacted by an industry-wide slowdown in residential mortgage lending, leading to a decline in gains on sales of mortgage loans to the secondary market of $0.9 million in the third quarter of 2022 compared to the prior-year third quarter. Through the first nine months of 2022, these gains were $4.9 million less than the first nine months of 2021. Offsetting these declines, the Bank experienced a $1.1 million increase in loan servicing income during the third quarter of 2022 compared to the prior-year third quarter and an increase of $2.6 million through the first nine months of 2022 compared to the first nine months of 2021. These increases resulted from a combination of higher overall balances of sold-but-serviced loans and increased valuations of mortgage servicing rights on the Bank’s balance sheet. The Bank’s acquisition of Denmark included approximately $159.5 million in loans sold-but-serviced, bringing the Bank’s total sold-but-serviced loan portfolio to approximately $873.4 million.

Noninterest expense was $18.9 million in the third quarter of 2022, compared to $13.2 million during the previous quarter and $12.5 million during the third quarter of 2021. As noted earlier, the elevated level of noninterest expense during the third quarter of 2022 was primarily a result of one-time acquisition expenses. To a lesser extent, added scale for approximately half of the third quarter of 2022 resulting from the Denmark acquisition and inflationary pressures also increased noninterest expense. Personnel expense for the third quarter of 2022 was $3.8 million higher than the prior quarter and prior-year third quarter, primarily the result of $3.0 million in one-time severance and employment agreement payments resulting from the Denmark transaction. Data processing expense, which included $0.1 million in expenses during the third quarter of 2022 directly linked to acquisitions, was $0.1 million higher than the prior quarter and $0.3 million higher than the prior-year third quarter. Outside services fees, which included $1.5 million in expenses during the third quarter of 2022 directly linked to acquisitions, was $1.2 million higher than the prior quarter (which also included $0.4 million in expenses directly linked to acquisitions) and $1.8 million higher than the prior-year third quarter. Finally, amortization expense related to core deposit intangibles on the Bank’s balance sheet increased $0.5 million from the prior quarter and $0.4 million from the prior-year third quarter. The acquisition of Denmark created a core deposit intangible of approximately $15.1 million (3.1% of core deposits acquired). Amortization of this core deposit intangible, which began during the third quarter of 2022, added $0.5 million in amortization expense for the quarter.

Balance Sheet

Total assets were $3.64 billion at September 30, 2022, a $703.2 million increase from December 31, 2021, and up $794.1 million from September 30, 2021. The preliminary fair value of assets acquired in the Denmark acquisition during the third quarter of 2022 totaled approximately $687.5 million.

Total loans were $2.86 billion at September 30, 2022, up $623.8 million from December 31, 2021, and up $650.4 million from June 30, 2021. Excluding the impact of PPP repayments or forgiveness as well as approximately $458.1 million in loans acquired from Denmark as of September 30, 2022, loans grew by 12.2% over the trailing twelve months. Annualized loan growth during the third quarter of 2022 and first nine months of 2022, also excluding PPP activity and acquired loans from Denmark, amounted to 4.8% and 12.5%, respectively. The Federal Reserve Board has made several significant increases to the effective Federal Funds rate during 2022, causing significant volatility in financial markets and generally an increasing overall rate environment. Competitors in the Bank’s markets have been slow to raise loan offering rates with many remaining at or near the US Treasury yield curve. Management has elected to raise loan offering rates more proportionate to the overall rising yield curve while reserving the most aggressive rate offerings for customers who maintain their full banking relationship with Bank First. This decision is intended to conserve the Bank’s liquidity until market competition better aligns with recent rate environment movements. Management anticipates that year-to-date and anticipated future rate increases by the Federal Reserve Board will minimize the impact of this decision on the Bank’s overall NII and NIM.

Total deposits, nearly all of which remain core deposits, were $3.14 billion at September 30, 2022, up $609.8 million from December 31, 2021, and up $665.9 million from September 30, 2021. The preliminary fair value of deposits acquired in the Denmark acquisition totaled $606.5 million. Noninterest-bearing demand deposits comprised 31.3% of the Bank’s total core deposits at September 30, 2022, compared to 32.1% at September 30, 2021. The high-quality deposit portfolio mix acquired from Denmark allowed this critical component of the Bank’s profitability to remain strong subsequent to that transaction.

Asset Quality

Nonperforming assets at September 30, 2022, totaled $6.2 million, down $1.6 million and $5.4 million from the end of the fourth and third quarters of 2021, respectively. Nonperforming assets to total assets ended the third quarter of 2022 at 0.18%, down from 0.28% and 0.42% at the end of the fourth and third quarters of 2021, respectively. Nonperforming assets at September 30, 2022, include $1.4 million in properties acquired from Denmark which will not be utilized by the Bank and have been listed for sale.

Capital Position

Stockholders’ equity totaled $439.4 million at September 30, 2022, an increase of $116.8 million from the end of 2021 and an increase of $124.2 million from September 30, 2021. Interest rate movements during the first nine months of 2022 impacted the value of investments in the Bank’s available-for-sale investment portfolio, creating a loss in other comprehensive income which reduced stockholders’ equity by $6.7 million during the third quarter of 2022 and $22.3 million year-to-date. Dividends totaling $5.6 million and share repurchases totaling $13.8 million further reduced capital through the first nine months of 2022. Strong earnings served to partially offset these items, increasing capital by $32.4 million. Finally, the acquisition of Denmark increased total stockholders’ equity by $125.3 million. Tangible book value increased by $46.8 million through the first nine months of 2022 and $54.5 million for the trailing twelve months ending September 30, 2022. Tangible book value per common share outstanding totaled $34.34 at September 30, 2022 compared to $34.56 and $33.44 at December 31 and September 30, 2021, respectively.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.25 per common share, payable on January 4, 2023, to shareholders of record as of December 21, 2022. This dividend matches the previous quarter’s dividend and represents a 13.6% increase over the dividend declared one year earlier.

Bank First Corporation provides financial services through its subsidiary, Bank First, 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 company employs approximately 335 full-time equivalent staff and has assets of approximately $3.6 billion. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered through the bank’s partnerships with Legacy Private Trust, an alliance with Morgan Stanley and an affiliation with McKenzie Financial Services, LLC. The bank is a co-owner of a bank technology outfitter, UFS, LLC, which provides digital, core, cybersecurity, managed IT and private cloud services. Further information about Bank First Corporation is available by clicking on the Investor Relations 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 Denmark, 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.

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, 2021, 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)

(In thousands, except per share data)	At or for the Three Months Ended															At or for the Period Ended
	9/30/2022			6/30/2022			3/31/2022			12/31/2021			9/30/2021			9/30/2022			9/30/2021
Results of Operations:
Interest income	$	30,740		$	25,820		$	24,220		$	25,043		$	24,898		$	80,780		$	73,343
Interest expense		3,047			2,340			1,930			1,812			1,964			7,317			6,492
Net interest income		27,693			23,480			22,290			23,231			22,934			73,463			66,851
Provision for loan losses		-			500			1,200			600			650			1,700			2,500
Net interest income after provision for loan losses		27,693			22,980			21,090			22,631			22,284			71,763			64,351
Noninterest income		5,166			5,551			5,234			5,520			5,031			15,951			18,021
Noninterest expense		18,895			13,219			12,731			13,435			12,469			44,845			37,121
Income before income tax expense		13,964			15,312			13,593			14,716			14,846			42,869			45,251
Income tax expense		3,431			3,658			3,410			3,553			3,628			10,499			10,971
Net income	$	10,533		$	11,654		$	10,183		$	11,163		$	11,218		$	32,370		$	34,280
Earnings per common share - basic	$	1.26		$	1.55		$	1.34		$	1.46		$	1.46		$	4.15		$	4.45
Earnings per common share - diluted		1.26			1.55			1.34			1.46			1.46			4.15			4.45
Common Shares:
Basic weighted average		8,205,914			7,457,443			7,540,264			7,570,128			7,605,541			7,737,089			7,638,857
Diluted weighted average		8,228,197			7,472,561			7,559,844			7,595,052			7,624,791			7,757,726			7,658,828
Outstanding		9,028,629			7,470,255			7,570,766			7,616,540			7,641,771			9,028,629			7,641,771
Noninterest income / noninterest expense:
Service charges	$	1,383		$	1,441		$	1,422		$	1,574		$	1,491		$	4,246		$	4,554
Income from Ansay		671			819			826			383			756			2,316			2,204
Income from UFS		852			563			705			776			751			2,120			1,780
Loan servicing income		1,673			2,106			1,062			1,557			599			4,841			2,282
Net gain on sales of mortgage loans		264			403			671			1,167			1,206			1,338			6,204
Net gain (loss) on other real estate owned		-			(25	)		171			(186	)		-			146			206
Other noninterest income		323			244			377			249			228			944			791
Total noninterest income	$	5,166		$	5,551		$	5,234		$	5,520		$	5,031		$	15,951		$	18,021
Personnel expense	$	10,812		$	7,006		$	7,175		$	7,307		$	6,996		$	24,993		$	21,208
Occupancy, equipment and office		1,176			1,214			1,115			950			1,070			3,505			3,248
Data processing		1,577			1,431			1,345			1,334			1,259			4,353			4,010
Postage, stationery and supplies		215			144			183			181			204			542			532
Advertising		61			55			89			75			50			205			152
Charitable contributions		150			235			168			135			121			553			399
Outside service fees		2,538			1,386			1,172			776			741			5,096			2,300
Net loss on sales of securities		-			-			-			-			3			-			3
Amortization of intangibles		751			294			293			352			351			1,338			1,053
Other noninterest expense		1,615			1,454			1,191			2,325			1,674			4,260			4,216
Total noninterest expense	$	18,895		$	13,219		$	12,731		$	13,435		$	12,469		$	44,845		$	37,121
Period-end balances:
Cash and cash equivalents	$	143,441		$	43,986		$	107,359		$	296,860		$	299,953		$	143,441		$	299,953
Investment securities available-for-sale, at fair value		303,280			292,426			297,063			212,689			148,376			303,280			148,376
Investment securities held-to-maturity, at cost		40,826			33,867			5,841			5,911			5,912			40,826			5,912
Loans		2,859,293			2,387,617			2,316,688			2,235,515			2,208,915			2,859,293			2,208,915
Allowance for loan losses		(23,045	)		(22,699	)		(21,749	)		(20,315	)		(20,237	)		(23,045	)		(20,237	)
Premises and equipment		57,019			50,608			50,068			49,461			44,181			57,019			44,181
Goodwill and core deposit intangible, net		129,361			58,805			59,099			59,392			59,743			129,361			59,743
Mortgage servicing rights		9,563			6,977			5,466			5,016			4,345			9,563			4,345
Other assets		121,016			109,440			105,101			93,023			95,417			121,016			95,417
Total assets		3,640,754			2,961,027			2,924,936			2,937,552			2,846,605			3,640,754			2,846,605
Deposits		3,138,201			2,601,479			2,557,106			2,528,440			2,472,258			3,138,201			2,472,258
Securities sold under repurchase agreements		21,963			16,125			13,130			41,122			17,402			21,963			17,402
Borrowings		26,069			19,235			25,247			25,511			26,679			26,069			26,679
Other liabilities		15,106			10,026			11,150			19,826			15,004			15,106			15,004
Total liabilities		3,201,339			2,646,865			2,606,633			2,614,899			2,531,343			3,201,339			2,531,343
Stockholders' equity		439,415			314,162			318,303			322,653			315,262			439,415			315,262
Book value per common share		48.67			42.06			42.04			42.36			41.26			48.67			41.26
Tangible book value per common share		34.34			34.18			34.24			34.56			33.44			34.34			33.44
Average balances:
Loans	$	2,640,397		$	2,341,954		$	2,271,956		$	2,207,615		$	2,218,324		$	2,419,451		$	2,220,570
Interest-earning assets		3,062,921			2,975,376			3,001,174			2,695,175			2,659,584			3,013,382			2,614,140
Total assets		3,349,615			3,186,384			3,209,202			2,901,685			2,861,959			3,249,469			2,816,409
Deposits		2,911,561			2,566,520			2,543,471			2,513,918			2,479,799			2,675,199			2,430,068
Interest-bearing liabilities		2,034,158			2,053,369			2,080,172			1,759,437			1,738,895			2,055,732			1,719,162
Goodwill and other intangibles, net		90,962			58,987			59,285			59,614			59,969			69,861			60,368
Stockholders' equity		401,130			317,484			322,852			318,837			313,868			347,442			307,517
Paycheck Protection Program ("PPP") loan information
PPP Loans (period end)	$	-		$	5,625		$	16,904		$	31,100		$	62,639		$	-		$	62,639
PPP Loan Deferred Origination Fees (period end)		-			106			477			1,080			2,243			-			2,243
PPP Loans (average during the period)		2,663			10,138			23,552			50,602			95,645			12,041			146,686
Interest income recognized during the period (includes recognized origination fees)		94			396			662			1,290			2,251			1,152			6,541
Financial ratios:
Return on average assets		1.25	%		1.47	%		1.27	%		1.53	%		1.57	%		1.33	%		1.62	%
Return on average common equity		10.42	%		14.72	%		12.62	%		13.89	%		14.30	%		12.46	%		14.86	%
Average equity to average assets		11.98	%		9.96	%		10.06	%		10.99	%		10.97	%		10.69	%		10.92	%
Stockholders' equity to assets		12.07	%		10.61	%		10.88	%		10.98	%		11.08	%		12.07	%		11.08	%
Tangible equity to tangible assets		8.83	%		8.80	%		9.04	%		9.15	%		9.17	%		8.83	%		9.17	%
Loan yield		4.29	%		4.06	%		4.02	%		4.25	%		4.25	%		4.13	%		4.24	%
Earning asset yield		4.03	%		3.53	%		3.32	%		3.74	%		3.76	%		3.63	%		3.80	%
Cost of funds		0.59	%		0.46	%		0.38	%		0.41	%		0.45	%		0.48	%		0.50	%
Net interest margin, taxable equivalent		3.63	%		3.21	%		3.06	%		3.47	%		3.47	%		3.30	%		3.47	%
Net loan charge-offs to average loans		-0.05	%		-0.08	%		-0.04	%		0.02	%		-0.01	%		-0.06	%		0.00	%
Nonperforming loans to total loans		0.17	%		0.22	%		0.24	%		0.37	%		0.53	%		0.17	%		0.53	%
Nonperforming assets to total assets		0.18	%		0.18	%		0.19	%		0.28	%		0.42	%		0.18	%		0.42	%
Allowance for loan losses to loans		0.81	%		0.95	%		0.94	%		0.91	%		0.92	%		0.81	%		0.92	%

Bank First Corporation

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

	Three Months Ended
	September 30, 2022									September 30, 2021
	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	$	2,545,855		$	109,147			4.29	%	$	2,132,765		$	90,476			4.24	%
Tax-exempt		94,542			4,227			4.47	%		85,559			3,910			4.57	%
Securities
Taxable (available for sale)		240,261			5,453			2.27	%		88,821			2,933			3.30	%
Tax-exempt (available for sale)		81,355			2,143			2.63	%		70,253			2,187			3.11	%
Taxable (held to maturity)		31,014			853			2.75	%		-			-			-
Tax-exempt (held to maturity)		5,196			134			2.58	%		5,912			150			2.54	%
Cash and due from banks		64,698			1,366			2.11	%		276,274			435			0.16	%
Total interest-earning assets		3,062,921			123,323			4.03	%		2,659,584			100,091			3.76	%
Non interest-earning assets		309,925									222,385
Allowance for loan losses		(23,231	)								(20,010	)
Total assets	$	3,349,615								$	2,861,959
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	262,003		$	1,359			0.52	%	$	203,736		$	248			0.12	%
Savings accounts		750,027			3,224			0.43	%		521,635			1,927			0.37	%
Money market accounts		682,260			2,957			0.43	%		683,275			2,111			0.31	%
Certificates of deposit		297,622			2,725			0.92	%		260,581			2,373			0.91	%
Brokered Deposits		6,781			199			2.93	%		12,461			359			2.88	%
Total interest bearing deposits		1,998,693			10,464			0.52	%		1,681,688			7,018			0.42	%
Other borrowed funds		35,465			1,625			4.58	%		57,207			773			1.35	%
Total interest-bearing liabilities		2,034,158			12,089			0.59	%		1,738,895			7,791			0.45	%
Non-interest bearing liabilities
Demand Deposits		912,868									798,111
Other liabilities		1,459									11,085
Total Liabilities		2,948,485									2,548,091
Shareholders' equity		401,130									313,868
Total liabilities & sharesholders' equity	$	3,349,615								$	2,861,959
Net interest income on a fully taxable equivalent basis					111,234									92,300
Less taxable equivalent adjustment					(1,366	)								(1,312	)
Net interest income				$	109,868								$	90,988
Net interest spread (3)								3.43	%								3.32	%
Net interest margin (4)								3.63	%								3.47	%

(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, 2022									September 30, 2021
	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	$	2,323,410		$	95,783			4.12	%	$	2,132,037		$	90,072			4.22	%
Tax-exempt		96,041			4,215			4.39	%		88,533			4,100			4.63	%
Securities
Taxable (available for sale)		223,506			5,180			2.32	%		97,677			2,612			2.67	%
Tax-exempt (available for sale)		81,067			2,126			2.62	%		70,546			2,217			3.14	%
Taxable (held to maturity)		19,685			524			2.66	%		-			-			-
Tax-exempt (held to maturity)		5,464			141			2.58	%		6,161			156			2.53	%
Cash and due from banks		264,209			1,395			0.53	%		219,186			262			0.12	%
Total interest-earning assets		3,013,382			109,364			3.63	%		2,614,140			99,419			3.80	%
Non interest-earning assets		258,122									221,231
Allowance for loan losses		(22,035	)								(18,962	)
Total assets	$	3,249,469								$	2,816,409
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	244,615		$	688			0.28	%	$	212,197		$	252			0.12	%
Savings accounts		643,841			2,494			0.39	%		480,285			1,752			0.36	%
Money market accounts		679,091			2,343			0.35	%		656,922			2,183			0.33	%
Certificates of deposit		255,197			2,147			0.84	%		288,805			3,266			1.13	%
Brokered Deposits		9,217			269			2.92	%		15,607			444			2.84	%
Total interest bearing deposits		1,831,961			7,941			0.43	%		1,653,816			7,897			0.48	%
Other borrowed funds		223,771			1,842			0.82	%		65,346			784			1.20	%
Total interest-bearing liabilities		2,055,732			9,783			0.48	%		1,719,162			8,681			0.50	%
Non-interest bearing liabilities
Demand Deposits		843,238									776,252
Other liabilities		3,057									13,478
Total Liabilities		2,902,027									2,508,892
Shareholders' equity		347,442									307,517
Total liabilities & sharesholders' equity	$	3,249,469								$	2,816,409
Net interest income on a fully taxable equivalent basis					99,581									90,738
Less taxable equivalent adjustment					(1,361	)								(1,359	)
Net interest income				$	98,220								$	89,379
Net interest spread (3)								3.15	%								3.30	%
Net interest margin (4)								3.30	%								3.47	%

(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.