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 First Quarter of 2025

· Net income of $18.2 million and earnings per common share of $1.82 for the three months ended March 31, 2025

· Earnings per common share 20.53% higher than the prior-year first quarter

· Annualized return on average assets of 1.64% for the three months ended March 31, 2025

· Quarterly cash dividend of $0.45 per share declared, matching the prior-quarter and 28.6% higher than the prior-year first quarter

MANITOWOC, WI, April 15, 2025 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $18.2 million, or $1.82 per share, for the first quarter of 2025, compared with net income of $15.4 million, or $1.51 per share, for the prior-year first quarter.

“We are delighted to announce that our team of relationship-focused bankers achieved significant financial returns in the first quarter of 2025,” stated CEO Mike Molepske. “These results were driven by an increase in core loan and deposit growth that started late last year and continued into early 2025.”

Operating Results

Net interest income (“NII”) during the first quarter of 2025 was $36.5 million, up $1.0 million from the previous quarter and up $3.2 million from the first quarter of 2024. 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 $1.0 million, or $0.08 per share after tax, during the first quarter of 2025, compared to $0.8 million, or $0.06 per share after tax, during the previous quarter and $1.2 million, or $0.09 per share after tax, during the first quarter of 2024.

Net interest margin (“NIM”) was 3.65% for the first quarter of 2025, compared to 3.61% for the previous quarter and 3.62% for the first quarter of 2024. NII from purchase accounting increased NIM by 0.10%, 0.08% and 0.13% for each period, respectively. The Bank’s cost of funds declined 0.08% quarter-over-quarter despite persistent elevated levels of interest-bearing demand and savings deposits in accounts that garner some of the highest yielding rates in the Bank’s deposit portfolio. The average rate paid on the Bank’s non-brokered certificates of deposit declined by 0.18% compared to the prior quarter.

Bank First recorded a provision for credit losses of $0.4 million during the first quarter of 2025, compared to $0.2 million during the first quarter of 2024. Net loan charge-offs totaled $0.8 million during the most recent quarter, comparing unfavorably to net loan recoveries totaling $0.6 million during the first quarter of 2024. The Bank charged off $0.8 million in loan balances related to one customer during the first quarter of 2025. This customer was a part of the Hometown Bancorporation, Ltd. acquisition during 2023, and the charged-off balances have had a specific allowance related to them since the initial recording of this acquisition.

Noninterest income was $6.6 million for the first quarter of 2025, compared to $4.4 million for the first quarter of 2024. Service charges increased $0.4 million, or 23.1%, over the prior-year first quarter, as the Bank continues to benefit from a renegotiated vendor incentive program related to the Bank’s credit and debit card payments processing. Ansay & Associates, LLC, in which the Bank has a 40.0% interest, had a strong first quarter of 2025 with income provided to the Bank up $0.2 million, or 20.6%, from the prior year first quarter. The Bank experienced a positive valuation adjustment to its mortgage servicing rights totaling $0.2 million during the first quarter of 2025, which compared favorably to a negative valuation adjustment of $0.3 million during the first quarter of 2024. Finally, the Bank received a $2.3 million death benefit related to its bank-owned life insurance portfolio. The underlying policies had a cash value of $1.3 million, leading to a gain of $1.0 million which is recorded in other noninterest income.

Noninterest expense was $20.6 million in the first quarter of 2025, compared to $20.3 million during the first quarter of 2024. Personnel expense, which is typically elevated in the first quarter of each year, was relatively consistent year-over-year as continued efficiency improvements in some of the Bank’s newer markets offset inflationary impacts to overall wages. While data processing and outside service fee expenses were also consistent year-over-year, they declined from the previous several quarters as costs related to special projects in those quarters have mostly been completed. Finally, amortization of the Bank’s core deposit intangible assets continue to decline as time elapses from the Bank’s most recent acquisition. These intangible assets are amortized by an accelerated method which creates the most expense in years immediately following the transaction date.

The comparability of year-over-year income tax expense was affected by a provision enacted in the Bank’s home state during 2023 which offered an income tax exclusion on certain commercial and agricultural loans to borrowers who reside or are located in the state of Wisconsin. While Wisconsin’s governor signed this provision on July 5, 2023, rules related to qualifying loans under it were not finalized until the first quarter of 2024. Based on these final rules, a benefit of $1.3 million was recorded to income tax expense during the first quarter of 2024 as a refinement to provisions for income taxes from 2023, reducing the Bank’s effective tax rate to 10.5% for that quarter. For the final three quarters of 2024 the Bank’s effective tax rate fluctuated between 19.0% and 20.0%. For the first quarter of 2025 the Bank’s effective rate, which came in at 17.5%, benefited from the aforementioned death benefit related to bank-owned life insurance, which was exempt from taxation.

Balance Sheet

Total assets were $4.51 billion at March 31, 2025, an increase of $11.4 million from December 31, 2024, and $406.6 million higher than March 31, 2024.

Total loans were $3.55 billion at March 31, 2025, up $30.9 million from December 31, 2024, and up $164.7 million from March 31, 2024. Loans grew by an annualized rate of 3.6% during the first quarter, a seasonally low loan growth quarter in most years.

Total deposits, nearly all of which remain core deposits, were $3.67 billion at March 31, 2025, up $13.1 million from December 31, 2024, and up $258.2 million from March 31, 2024. Noninterest-bearing demand deposits comprised 27.4% of the Bank’s total deposits at March 31, 2025, compared to 29.0% at March 31, 2024, as the Bank continues to see a shift in its deposit portfolio toward pre-2020 levels of noninterest-bearing balances, prior to the influx of liquidity into financial markets during 2020 and 2021.

Asset Quality

Nonperforming assets at March 31, 2025 totaled $7.6 million, down from $9.2 million and $12.5 million at the end of the fourth and first quarters of 2024, respectively. Over half of the decline in nonperforming assets during the most recent quarter related to the aforementioned $0.8 million loan charge-off. Nonperforming assets to total assets ended the first quarter of 2025 at 0.17%, down from 0.21% at the end of the prior quarter and 0.31% at the end of the prior-year first quarter.

Capital Position

Stockholders’ equity totaled $648.4 million at March 31, 2025, an increase of $8.7 million from December 31, 2024, and up $39.1 million from March 31, 2024. Dividends totaling $4.5 million and repurchases of BFC common stock totaling $6.4 million were more than offset by earnings of $18.2 million during the quarter. The Bank’s book value per common share totaled $65.02 at March 31, 2025 compared to $63.89 at December 31, 2024 and $60.16 at March 31, 2024. Tangible book value per common share (non-GAAP) totaled $45.46 at March 31, 2025 compared to $44.28 at December 31, 2024 and $40.35 at March 31, 2024.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on July 9, 2025, to shareholders of record as of June 25, 2025.

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 362 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.

# # #

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 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. 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, 2024, 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)

	At or for the Three Months Ended
(In thousands, except share and per share data)	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Results of Operations:
Interest income	$	55,048		$	53,754		$	54,032		$	49,347		$	49,272
Interest expense		18,511			18,193			18,149			16,340			15,923
Net interest income		36,537			35,561			35,883			33,007			33,349
Provision for credit losses		400			(1,000	)		-			-			200
Net interest income after provision for credit losses		36,137			36,561			35,883			33,007			33,149
Noninterest income		6,588			4,513			4,893			5,877			4,397
Noninterest expense		20,604			19,286			20,100			19,057			20,324
Income before income tax expense		22,121			21,788			20,676			19,827			17,222
Income tax expense		3,880			4,248			4,124			3,768			1,810
Net income	$	18,241		$	17,540		$	16,552		$	16,059		$	15,412
Earnings per Common Share (Basic and Diluted)	$	1.82		$	1.75		$	1.65		$	1.59		$	1.51
Common Shares:
Outstanding		9,973,276			10,012,088			10,011,428			10,031,350			10,129,190
Weighted average outstanding for the period		10,001,009			10,012,013			10,012,190			10,078,611			10,233,347
Noninterest Income / Noninterest Expense:
Service charges	$	2,011		$	2,119		$	2,189		$	2,101		$	1,634
Income from Ansay		1,181			82			1,062			1,379			979
Loan servicing income		732			744			733			735			726
Valuation adjustment on mortgage servicing rights		175			18			(344	)		339			(312	)
Net gain on sales of mortgage loans		334			424			377			277			219
Other noninterest income		2,155			1,126			876			1,046			1,151
Total noninterest income	$	6,588		$	4,513		$	4,893		$	5,877		$	4,397
Personnel expense	$	10,985		$	9,886		$	10,118		$	10,004		$	10,893
Occupancy, equipment and office		1,591			1,445			1,598			1,330			1,584
Data processing		2,444			2,687			2,502			2,114			2,389
Postage, stationery and supplies		240			229			213			205			238
Advertising		65			78			61			79			95
Charitable contributions		476			200			183			234			176
Outside service fees		788			1,135			1,103			1,446			876
Federal deposit insurance		630			495			495			443			417
Net loss (gain) on other real estate owned		-			(186	)		-			(461	)		(47	)
Net loss on sales of securities		-			-			-			-			34
Amortization of intangibles		1,298			1,389			1,429			1,475			1,500
Other noninterest expense		2,087			1,928			2,398			2,188			2,169
Total noninterest expense	$	20,604		$	19,286		$	20,100		$	19,057		$	20,324
Period-end Balances:
Cash and cash equivalents	$	300,865		$	261,332		$	204,427		$	98,950		$	83,374
Investment securities available-for-sale, at fair value		163,743			223,061			128,438			127,977			138,420
Investment securities held-to-maturity, at cost		110,241			110,756			109,236			110,648			111,732
Loans		3,548,070			3,517,168			3,470,920			3,428,635			3,383,395
Allowance for credit losses - loans		(43,749	)		(44,151	)		(45,212	)		(45,118	)		(44,378	)
Premises and equipment		72,670			71,108			69,710			68,633			69,621
Goodwill and core deposit intangible, net		195,011			196,309			197,698			199,127			200,602
Mortgage servicing rights		13,544			13,369			13,351			13,694			13,356
Other assets		146,112			146,108			145,930			143,274			143,802
Total assets		4,506,507			4,495,060			4,294,498			4,145,820			4,099,924
Deposits
Interest-bearing		2,666,693			2,636,193			2,463,083			2,424,096			2,425,550
Noninterest-bearing		1,007,525			1,024,880			1,021,658			975,845			990,489
Borrowings		146,890			147,372			147,346			102,321			47,295
Other liabilities		36,985			46,932			33,516			28,979			27,260
Total liabilities		3,858,093			3,855,377			3,665,603			3,531,241			3,490,594
Stockholders' equity		648,414			639,683			628,895			614,579			609,330
Book value per common share	$	65.02		$	63.89		$	62.82		$	61.27		$	60.16
Tangible book value per common share (non-GAAP)	$	45.46		$	44.28		$	43.07		$	41.42		$	40.35
Average Balances:
Loans	$	3,541,995		$	3,482,974		$	3,450,423		$	3,399,906		$	3,355,142
Interest-earning assets		4,100,846			3,962,690			3,833,968			3,696,099			3,741,498
Total assets		4,498,891			4,360,469			4,231,112			4,094,542			4,144,896
Deposits		3,672,039			3,545,694			3,435,172			3,401,828			3,446,145
Interest-bearing liabilities		2,837,182			2,655,609			2,583,382			2,466,726			2,512,304
Goodwill and other intangibles, net		195,752			196,966			198,493			199,959			201,408
Stockholders' equity		645,708			634,137			620,821			610,818			613,190
Financial Ratios:
Return on average assets *		1.64	%		1.60	%		1.56	%		1.58	%		1.50	%
Return on average common equity *		11.46	%		11.00	%		10.61	%		10.57	%		10.11	%
Average equity to average assets		14.35	%		14.54	%		14.67	%		14.92	%		14.79	%
Stockholders' equity to assets		14.39	%		14.23	%		14.64	%		14.82	%		14.86	%
Tangible equity to tangible assets (non-GAAP)		10.52	%		10.31	%		10.53	%		10.53	%		10.48	%
Loan yield *		5.68	%		5.56	%		5.73	%		5.51	%		5.41	%
Earning asset yield *		5.49	%		5.44	%		5.64	%		5.40	%		5.33	%
Cost of funds *		2.65	%		2.73	%		2.79	%		2.66	%		2.55	%
Net interest margin, taxable equivalent *		3.65	%		3.61	%		3.76	%		3.63	%		3.62	%
Net loan charge-offs (recoveries) to average loans *		0.09	%		0.01	%		0.04	%		-0.05	%		-0.07	%
Nonperforming loans to total loans		0.19	%		0.24	%		0.32	%		0.31	%		0.29	%
Nonperforming assets to total assets		0.17	%		0.21	%		0.28	%		0.27	%		0.31	%
Allowance for credit losses - loans to total loans		1.23	%		1.26	%		1.30	%		1.32	%		1.31	%
Loan Portfolio Composition:
Comercial/industrial	$	507,850		$	500,352		$	517,816		$	507,406		$	510,396
Commercial real estate - owner occupied		973,578			968,837			938,730			920,521			892,275
Commercial real estate - non-owner occupied		460,077			459,431			463,323			472,272			502,429
Multi-family		355,003			326,408			329,458			333,461			323,047
Construction and development		278,475			277,971			246,445			229,934			207,866
Residential 1-4 family		903,280			913,187			904,273			897,087			880,241
Consumer and other		69,807			70,982			70,875			67,954			67,141
Total	$	3,548,070		$	3,517,168		$	3,470,920		$	3,428,635		$	3,383,395
Share Repurchases:
Total number of shares repurchased		61,882			-			20,748			98,623			261,193
Total dollar of shares repurchased	$	6,380,519		$	-		$	1,701,336		$	7,948,028		$	22,271,927
Non-GAAP Financial Measures:
Tangible assets reconciliation
Total assets (GAAP)	$	4,506,507		$	4,495,060		$	4,294,498		$	4,145,820		$	4,099,924
Goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Core deposit intangible, net of amortization		(19,905	)		(21,203	)		(22,592	)		(24,021	)		(25,496	)
Tangible assets (non-GAAP)	$	4,311,496		$	4,298,751		$	4,096,800		$	3,946,693		$	3,899,322
Tangible common equity reconciliation
Total stockholders’ equity (GAAP)	$	648,414		$	639,683		$	628,895		$	614,579		$	609,330
Goodwill		(175,106	)		(175,106	)		(175,106	)		(175,106	)		(175,106	)
Core deposit intangible, net of amortization		(19,905	)		(21,203	)		(22,592	)		(24,021	)		(25,496	)
Tangible common equity (non-GAAP)	$	453,403		$	443,374		$	431,197		$	415,452		$	408,728
Tangible book value per common share calculation
Tangible common equity (non-GAAP)	$	453,403		$	443,374		$	431,197		$	415,452		$	408,728
Common shares outstanding at the end of the period		9,973,276			10,012,088			10,011,428			10,031,350			10,129,190
Tangible book value per common share (non-GAAP)	$	45.46		$	44.28		$	43.07		$	41.42		$	40.35
Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)	$	453,403		$	443,374		$	431,197		$	415,452		$	408,728
Tangible assets (non-GAAP)	$	4,311,496		$	4,298,751		$	4,096,800		$	3,946,693		$	3,899,322
Tangible equity to tangible assets (non-GAAP)		10.52	%		10.31	%		10.53	%		10.53	%		10.48	%

* Components of the quarterly ratios were annualized.

Bank First Corporation

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

	Three Months Ended
	March 31, 2025									March 31, 2024
	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	$	3,410,262			194,219			5.70	%	$	3,246,962		$	176,655			5.44	%
Tax-exempt		131,733			6,887			5.23	%		108,180			4,852			4.49	%
Securities
Taxable (available for sale)		180,322			7,963			4.42	%		162,353			7,423			4.57	%
Tax-exempt (available for sale)		32,697			1,149			3.51	%		33,931			1,141			3.36	%
Taxable (held to maturity)		107,641			4,267			3.96	%		106,349			4,250			4.00	%
Tax-exempt (held to maturity)		3,196			85			2.66	%		4,136			107			2.59	%
Cash and due from banks		234,995			10,386			4.42	%		79,587			5,024			6.31	%
Total interest-earning assets		4,100,846			224,956			5.49	%		3,741,498			199,452			5.33	%
Noninterest-earning assets		442,262									447,093
Allowance for credit losses - loans		(44,217	)								(43,695	)
Total assets	$	4,498,891								$	4,144,896
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	516,658		$	12,760			2.47	%	$	421,776		$	11,513			2.73	%
Savings accounts		831,083			12,066			1.45	%		812,947			11,879			1.46	%
Money market accounts		683,446			16,685			2.44	%		637,454			15,156			2.38	%
Certificates of deposit		638,937			26,019			4.07	%		590,116			23,344			3.96	%
Brokered Deposits		20,092			815			4.06	%		748			17			2.27	%
Total interest-bearing deposits		2,690,216			68,345			2.54	%		2,463,041			61,909			2.51	%
Other borrowed funds		146,966			6,729			4.58	%		49,263			2,135			4.33	%
Total interest-bearing liabilities		2,837,182			75,074			2.65	%		2,512,304			64,044			2.55	%
Noninterest-bearing liabilities
Demand Deposits		981,823									983,104
Other liabilities		34,178									36,298
Total Liabilities		3,853,183									3,531,706
Shareholders' equity		645,708									613,190
Total liabilities & shareholders' equity	$	4,498,891								$	4,144,896
Net interest income on a fully taxable equivalent basis					149,882									135,408
Less taxable equivalent adjustment					(1,705	)								(1,281	)
Net interest income				$	148,177								$	134,127
Net interest spread (3)								2.84	%								2.78	%
Net interest margin (4)								3.65	%								3.62	%

(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.