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@bankfirstwi.bank

FOR IMMEDIATE RELEASE

Bank First Announces Net Income for the Third Quarter of 2021

· Net income of $11.2 and $34.3 million for the three and nine months ended September 30, 2021

· Earnings per common share of $1.46 and $4.45 for the three and nine months ended September 30, 2021

· Annualized return on average assets of 1.57% and 1.62% for the three and nine months ended September 30, 2021

· Quarterly cash dividend of $0.22 per share declared, an increase of 4.8% from prior-quarter and prior-year third quarter quarterly cash dividends

MANITOWOC, Wis, October 19, 2021 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $11.2 million, or $1.46 per share, for the third quarter of 2021, compared with net income of $11.0 million, or $1.42 per share, for the prior-year third quarter. For the nine months ended September 30, 2021, Bank First earned $34.3 million, or $4.45 per share, compared to $26.5 million, or $3.57 per share for the same period in 2020.

Operating Results

Net interest income (“NII”) during the third quarter of 2021 was $22.9 million, up $1.1 million from the previous quarter and matching the third quarter of 2020. NII for the first nine months of 2021 was $66.9 million, up from $62.4 million for the first nine months of 2020.

Throughout the previous 18 months Bank First was a very active participant in the Paycheck Protection Program (“PPP”), a Small Business Administration (“SBA”) loan program aimed at supporting small business through the turbulent economic environment created by the COVID-19 pandemic (“COVID”). Bank First originated over $381.3 million in loans to new and existing customers under this program, $62.6 million of which remained unpaid and unforgiven as of September 30, 2021. Origination fees collected from PPP loan originations totaled over $14.6 million. Under accounting rules, the Bank recognizes these fees as an addition to NII over the contractual life of the related loan, with any remaining fee being fully recognized into NII if the loan is paid off or forgiven prior to the original maturity date. As is the case with any institution participating in PPP originations, this accounting treatment has caused significant variations in the Bank’s NII and interest margins quarter-to-quarter based on how many PPP loans are forgiven during the period. Unrecognized PPP origination fees totaled $2.2 million at September 30, 2021, compared to $2.6 million and $5.8 million at December 31 and September 30, 2020, respectively.

NII related to purchase accounting entries, resulting from our acquisitions of other institutions over the last several years, increased net income (after tax) during the third quarter of 2021 by $0.2 million, or $0.03 per share, compared to $1.1 million, or $0.15 per share, for the third quarter of 2020. For the first nine months of 2021 and 2020 the impact of these purchase accounting entries increased net income (after tax) by $0.9 million, or $0.12 per share, and $2.5 million, or $0.34 per share, respectively.

Net interest margin (“NIM”) was 3.47% for the third quarter of 2021, compared to 3.84% for the third quarter of 2020. The aforementioned purchase accounting entries added 0.04% and 0.26% to NIM for each of these periods, respectively. NIM was 3.47% for the first nine months of 2021, including 0.07% from the impact of purchase accounting entries, compared to 3.77%, including 0.21% from the impact of purchase accounting entries, for the first nine months of 2020.

Bank First recorded a provision for loan losses of $0.7 million during the third quarter of 2021, compared to $1.4 million during the third quarter of 2020. Provision expense was $2.5 million for the first nine months of 2021 compared to $5.5 million for the same period during 2020. While provision expense was elevated during 2020 in response to uncertainty created by COVID and society’s response to it, actual asset quality metrics through the first three quarters of 2021, as further discussed later in this release, have remained strong and allowed for a reduction in provision expense during 2021.

Noninterest income was $5.0 million for the third quarter of 2021, compared to $5.1 million for the third quarter of 2020. Service charge income continues to perform strongly during 2021, showing an increase of over eleven percent in the third quarter of 2021 compared to the third quarter of 2020 as the Bank’s added markets from three acquisitions in the last four years continue to integrate fully into the branch network. All other components of noninterest income were very comparable in the year-over-year third quarters. While gain on sales of secondary market mortgage loans was comparable for the year-over-year third quarters, we did see our profitability on these sold loans decrease compared to historic highs during the most recent three trailing quarters. While origination volume remained at an elevated level, the average profit margin on each sale has decreased as the industry has become more competitive with rate pricing.

Noninterest expense was $12.5 million in the third quarter of 2021, compared to $12.2 million during the previous quarter as well as the third quarter of 2020. Data processing expense decreased $0.1 million and $0.2 million from the prior quarter and prior-year third quarter, respectively, primarily from reduced expense caused by significant originations of PPP loans beginning during the second quarter of 2020 and ending during the second quarter of 2021. Other noninterest expense increased by 23.5% from the prior quarter and 27.3% from the prior year third quarter primarily due to several miscellaneous one-time immaterial expense items which summed together to create larger variances.

Balance Sheet

Total assets were $2.85 billion at September 30, 2021, a $128.6 million increase from December 31, 2020, and up $207.4 million from September 30, 2020. Total loans were $2.21 billion at September 30, 2021, up $17.5 million from December 31, 2020, and up $15.7 million from September 30, 2020. Excluding PPP originations and repayments or forgiveness, loans grew by 12.3% over the trailing twelve months. Annualized loan growth during the third quarter of 2021, also excluding PPP activity, amounted to 8.8%. Total deposits, nearly all of which remain core deposits, were $2.47 billion at September 30, 2021, up $151.3 million from December 31, 2020, and up $201.2 million from September 30, 2020. Noninterest-bearing demand deposits comprised 32.1% of the Bank’s total core deposits at September 30, 2021, compared to 31.2% and 30.4% at December 31 and September 30, 2020, respectively. Time deposits, which typically carry the highest interest rates of all deposit products, comprised 10.5% of the Bank’s total core deposits at September 30, 2021, compared to 14.8% and 16.8% at December 31 and September 30, 2020.

Asset Quality

Nonperforming assets at September 30, 2021 totaled $12.1 million, down from $14.0 million and $20.8 million at the end of the fourth and third quarters of 2020, respectively. Nonperforming assets to total assets ended the third quarter of 2021 at 0.42%, down from 0.52% and 0.79% at the end of the fourth and third quarters of 2020, respectively. A majority of the non-performing assets at September 30, 2021, relate to one commercial real estate loan totaling $7.1 million which was moved to nonaccrual status during June 2020. While payments have remained current on this loan, the move to nonaccrual status was deemed prudent by management due to the loss of a significant tenant in the underlying commercial property.

Capital Position

Stockholders’ equity totaled $315.3 million at September 30, 2021, an increase of $20.4 million from the end of 2020 and $29.2 million from September 30, 2020. Strong earnings served to increase capital while being offset by dividends totaling $7.1 million through the first three quarters of 2021 and $8.7 million during the trailing twelve months. Further reducing capital was $6.1 million used to repurchase 87,319 shares of common stock through the first three quarters of 2021. Tangible book value per share of Bank First’s common stock experienced an increase during the trailing twelve months of 14.8%.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.22 per common share, payable on January 5, 2022, to shareholders of record as of December 22, 2021.

Bank First Corporation provides financial services through its subsidiary, Bank First, which was incorporated in 1894. The bank is an independent community bank with 21 banking locations in Wisconsin. The bank has grown through both acquisitions and de novo branch expansion. The company employs approximately 302 full-time equivalent staff and has assets of approximately $2.8 billion. Bank First offers loan, deposit and treasury management products at each of its banking offices. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered through the bank’s partnership 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 cloud services. Further information about Bank First Corporation is available by clicking on the Investor Relations tab at www.BankFirstWI.bank.

# # #

Forward Looking Statements: This news release may contain certain “forward-looking statements” that represent Bank First Corporation’s expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Because of the risks and uncertainties inherent in forward looking statements, readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by Bank First Corporation or on its behalf. Bank First Corporation disclaims any obligation to update such forward-looking statements. In addition, statements regarding historical stock price performance are not indicative of or guarantees of future price performance.

Bank First Corporation

Consolidated Financial Summary (Unaudited)

(In thousands, except per share data)	At or for the Three Months Ended															At or for the Nine Months Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020			9/30/2021			9/30/2020
Results of Operations:
Interest income	$	24,898		$	24,003		$	24,442		$	27,094		$	25,928		$	73,343		$	73,606
Interest expense		1,964			2,189			2,339			2,623			3,003			6,492			11,242
Net interest income		22,934			21,814			22,103			24,471			22,925			66,851			62,364
Provision for loan losses		650			950			900			1,650			1,350			2,500			5,475
Net interest income after provision for loan losses		22,284			20,864			21,203			22,821			21,575			64,351			56,889
Noninterest income		5,028			6,574			6,210			6,744			5,115			17,812			16,776
Noninterest expense		12,466			12,221			12,225			13,972			12,202			36,912			39,381
Income before income tax expense		14,846			15,217			15,188			15,593			14,488			45,251			34,284
Income tax expense		3,628			3,669			3,674			4,063			3,534			10,971			7,768
Net income	$	11,218		$	11,548		$	11,514		$	11,530		$	10,954		$	34,280		$	26,516
Earnings per common share - basic	$	1.46		$	1.50		$	1.49		$	1.49		$	1.42		$	4.45		$	3.57
Earnings per common share - diluted		1.46			1.50			1.49			1.49			1.42			4.45			3.56
Common Shares:
Basic weighted average		7,605,541			7,653,317			7,657,301			7,659,904			7,673,572			7,638,857			7,367,793
Diluted weighted average		7,624,791			7,668,740			7,677,976			7,682,101			7,691,326			7,658,828			7,412,673
Outstanding		7,641,771			7,688,795			7,729,216			7,709,497			7,729,762			7,641,771			7,729,762
Noninterest income / noninterest expense:
Service charges	$	1,491		$	1,596		$	1,467		$	1,586		$	1,343		$	4,554		$	3,417
Income from Ansay		756			723			725			169			970			2,204			2,571
Income from UFS		751			663			366			599			720			1,780			2,467
Loan servicing income		599			1,178			505			194			538			2,282			1,226
Net gain on sales of mortgage loans		1,206			2,187			2,811			2,214			1,304			6,204			3,096
Net gain (loss) on sales of securities		(3	)		-			-			-			-			(3	)		3,233
Noninterest income from strategic alliances		20			28			17			26			16			65			49
Other noninterest income		208			199			319			1,956			224			726			717
Total noninterest income	$	5,028		$	6,574		$	6,210		$	6,744		$	5,115		$	17,812		$	16,776
Personnel expense	$	6,996		$	7,121		$	7,091		$	7,604		$	6,609		$	21,208		$	19,669
Occupancy, equipment and office		1,070			968			1,210			1,352			1,171			3,248			3,367
Data processing		1,259			1,358			1,393			1,519			1,463			4,010			3,996
Postage, stationery and supplies		204			131			197			204			219			532			668
Net (gain) loss on sales and valuations of other real estate owned		-			(73	)		(133	)		(16	)		(32	)		(206	)		1,411
Advertising		50			53			49			61			41			152			165
Charitable contributions		121			152			126			214			110			399			360
Outside service fees		741			804			755			1,029			888			2,300			3,083
Amortization of intangibles		351			351			351			522			418			1,053			1,114
Penalty for early extinguishment of debt		-			-			-			-			-			-			1,323
Other noninterest expense		1,674			1,356			1,186			1,483			1,315			4,216			4,225
Total noninterest expense	$	12,466		$	12,221		$	12,225		$	13,972		$	12,202		$	36,912		$	39,381

Bank First Corporation

Consolidated Financial Summary (Unaudited)

             

(In thousands, except per share data)	At or for the Three Months Ended															At or for the Nine Months Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020			9/30/2021			9/30/2020
Period-end balances:
Cash and cash equivalents	$	299,953		$	251,071		$	261,174		$	170,219		$	80,752		$	299,953		$	80,752
Investment securities available-for-sale, at fair value		148,376			153,818			167,940			165,039			173,334			148,376			173,334
Investment securities held-to-maturity, at cost		5,912			5,912			5,934			6,669			6,670			5,912			6,670
Loans		2,208,915			2,225,217			2,228,892			2,191,460			2,193,228			2,208,915			2,193,228
Allowance for loan losses		(20,237	)		(19,547	)		(18,531	)		(17,658	)		(16,318	)		(20,237	)		(16,318	)
Premises and equipment		44,181			43,503			43,606			43,183			41,186			44,181			41,186
Goodwill and other intangibles, net		64,089			64,440			64,288			64,639			65,110			64,089			65,110
Other assets		95,416			94,536			92,896			94,465			95,285			95,416			95,285
Total assets		2,846,605			2,818,950			2,846,199			2,718,016			2,639,247			2,846,605			2,639,247
Deposits		2,472,258			2,446,654			2,448,035			2,320,963			2,271,040			2,472,258			2,271,040
Securities sold under repurchase agreements		17,402			21,679			47,631			36,377			23,894			17,402			23,894
Borrowings		26,679			26,697			30,467			40,969			45,657			26,679			45,657
Other liabilities		15,005			12,490			16,624			24,850			12,552			15,005			12,552
Total liabilities		2,531,344			2,507,520			2,542,757			2,423,159			2,353,143			2,531,344			2,353,143
Stockholders' equity		315,262			311,430			303,442			294,857			286,104			315,262			286,104
Book value per common share		41.26			40.50			39.26			38.25			37.01			41.26			37.01
Tangible book value per common share		33.44			32.69			31.42			30.35			29.12			33.44			29.12
Average balances:
Loans	$	2,218,324		$	2,247,026		$	2,196,142		$	2,206,207		$	2,140,008		$	2,220,570		$	1,973,716
Interest-earning assets		2,659,584			2,633,850			2,547,783			2,465,713			2,423,168			2,614,140			2,555,165
Total assets		2,861,959			2,835,580			2,750,471			2,671,967			2,626,136			2,816,409			2,448,544
Deposits		2,479,799			2,453,156			2,355,888			2,316,793			2,260,065			2,430,068			2,078,580
Interest-bearing liabilities		1,738,895			1,723,395			1,694,711			1,663,642			1,636,606			1,719,162			1,567,768
Goodwill and other intangibles, net		59,969			60,363			60,782			60,836			61,276			60,368			54,633
Stockholders' equity		313,868			308,201			300,331			289,916			281,656			307,517			257,308
Paycheck Protection Program ("PPP") loan information
PPP Loans (period end)	$	62,639		$	127,277		$	188,221		$	172,424		$	279,558		$	62,639		$	279,558
PPP Loan Deferred Origination Fees (period end)		2,243			4,252			4,552			2,573			5,818			2,243			5,818
PPP Loans (average during the period)		95,645			171,036			174,242			235,325			279,337			146,686			167,236
Interest income recognized during the period (includes recognized origination fees)		2,251			1,922			2,368			3,833			2,418			6,541			4,906
Financial ratios:
Return on average assets		1.57	%		1.63	%		1.67	%		1.71	%		1.67	%		1.62	%		1.44	%
Return on average common equity		14.30	%		14.99	%		15.34	%		15.78	%		15.56	%		14.86	%		13.74	%
Average equity to average assets		10.97	%		10.87	%		10.92	%		10.85	%		10.73	%		10.92	%		10.51	%
Stockholders' equity to assets		11.08	%		11.05	%		10.66	%		10.85	%		10.84	%		11.08	%		10.84	%
Tangible equity to tangible assets		9.17	%		9.11	%		8.72	%		8.80	%		8.73	%		9.17	%		8.73	%
Loan yield		4.25	%		4.13	%		4.34	%		4.62	%		4.65	%		4.24	%		4.78	%
Earning asset yield		3.76	%		3.71	%		3.95	%		4.44	%		4.33	%		3.80	%		4.44	%
Cost of funds		0.45	%		0.51	%		0.56	%		0.63	%		0.73	%		0.50	%		0.96	%
Net interest margin, taxable equivalent		3.47	%		3.37	%		3.57	%		4.01	%		3.84	%		3.47	%		3.77	%
Net loan charge-offs to average loans		-0.01	%		-0.01	%		0.00	%		0.01	%		0.20	%		0.00	%		0.03	%
Nonperforming loans to total loans		0.53	%		0.55	%		0.63	%		0.57	%		0.84	%		0.53	%		0.84	%
Nonperforming assets to total assets		0.42	%		0.45	%		0.52	%		0.52	%		0.79	%		0.42	%		0.79	%
Allowance for loan losses to loans		0.92	%		0.88	%		0.83	%		0.81	%		0.74	%		0.92	%		0.74	%

Bank First Corporation

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

	Three Months Ended
	September 30, 2021									September 30, 2020
	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	$	2,132,765		$	90,476			4.24	%	$	2,026,973		$	93,783			4.63	%
Tax-exempt		85,559			3,910			4.57	%		113,035			5,770			5.10	%
Securities
Taxable (available for sale)		88,821			2,933			3.30	%		107,171			2,735			2.55	%
Tax-exempt (available for sale)		70,253			2,187			3.11	%		74,472			2,313			3.11	%
Tax-exempt (held to maturity)		5,912			150			2.54	%		7,081			170			2.40	%
Cash and due from banks		276,274			435			0.16	%		94,436			111			0.12	%
Total interest-earning assets		2,659,584			100,091			3.76	%		2,423,168			104,882			4.33	%
Non interest-earning assets		222,385									219,144
Allowance for loan losses		(20,010	)								(16,176	)
Total assets	$	2,861,959								$	2,626,136
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	203,736		$	248			0.12	%	$	195,870		$	267			0.14	%
Savings accounts		521,635			1,927			0.37	%		379,599			1,491			0.39	%
Money market accounts		683,275			2,111			0.31	%		593,470			2,542			0.43	%
Certificates of deposit		260,581			2,373			0.91	%		376,618			5,961			1.58	%
Brokered Deposits		12,461			359			2.88	%		20,135			567			2.82	%
Total interest bearing deposits		1,681,688			7,018			0.42	%		1,565,692			10,828			0.69	%
Other borrowed funds		57,207			773			1.35	%		70,914			1,121			1.58	%
Total interest-bearing liabilities		1,738,895			7,791			0.45	%		1,636,606			11,949			0.73	%
Non-interest bearing liabilities
Demand Deposits		798,111									694,373
Other liabilities		11,085									13,501
Total Liabilities		2,548,091									2,344,480
Shareholders' equity		313,868									281,656
Total liabilities & sharesholders' equity	$	2,861,959								$	2,626,136
Net interest income on a fully taxable equivalent basis					92,300									92,933
Less taxable equivalent adjustment					(1,312	)								(1,732	)
Net interest income				$	90,988								$	91,201
Net interest spread (3)								3.32	%								3.60	%
Net interest margin (4)								3.47	%								3.84	%

(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, 2021									September 30, 2020
	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	$	2,132,037		$	90,072			4.22	%	$	1,857,288		$	88,326			4.76	%
Tax-exempt		88,533			4,100			4.63	%		116,428			5,960			5.12	%
Securities
Taxable (available for sale)		97,677			2,612			2.67	%		116,792			2,907			2.49	%
Tax-exempt (available for sale)		70,546			2,217			3.14	%		66,160			2,134			3.23	%
Taxable (held to maturity)		-			-			-			12,113			289			2.39	%
Tax-exempt (held to maturity)		6,161			156			2.53	%		9,010			239			2.65	%
Cash and due from banks		219,186			262			0.12	%		77,374			216			0.28	%
Total interest-earning assets		2,614,140			99,419			3.80	%		2,255,165			100,071			4.44	%
Non interest-earning assets		221,231									207,466
Allowance for loan losses		(18,962	)								(14,087	)
Total assets	$	2,816,409								$	2,448,544
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	212,197		$	252			0.12	%	$	194,592		$	796			0.41	%
Savings accounts		480,285			1,752			0.36	%		343,196			1,915			0.56	%
Money market accounts		656,922			2,183			0.33	%		542,993			3,388			0.62	%
Certificates of deposit		288,805			3,266			1.13	%		371,170			6,793			1.83	%
Brokered Deposits		15,607			444			2.84	%		18,090			523			2.89	%
Total interest bearing deposits		1,653,816			7,897			0.48	%		1,470,041			13,415			0.91	%
Other borrowed funds		65,346			784			1.20	%		97,727			1,602			1.64	%
Total interest-bearing liabilities		1,719,162			8,681			0.50	%		1,567,768			15,017			0.96	%
Non-interest bearing liabilities
Demand Deposits		776,252									608,359
Other liabilities		13,478									15,109
Total Liabilities		2,508,892									2,191,236
Shareholders' equity		307,517									257,308
Total liabilities & sharesholders' equity	$	2,816,409								$	2,448,544
Net interest income on a fully taxable equivalent basis					90,738									85,054
Less taxable equivalent adjustment					(1,383	)								(1,750	)
Net interest income				$	89,355								$	83,304
Net interest spread (3)								3.30	%								3.48	%
Net interest margin (4)								3.47	%								3.77	%

(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.