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Bank First, National Association

Manitowoc, WI · Cert 5304 · Bank First Corp.

National charter · OCC · 38 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks $1B-$10B in assets3

Basis

Quarter: Q2 2026, the quarter ended June 30, 2026, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

Banks $1B-$10B in assets (n=322 to 328). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

40

Q2 2024Q2 2026peer median (50)

Asset Quality

50

Q2 2024Q2 2026peer median (50)

Profitability

67

Q2 2024Q2 2026peer median (50)

Liquidity

85

Q2 2024Q2 2026peer median

Efficiency

62

Q2 2024Q2 2026peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Bank First, National Association

Manitowoc, WI · Cert 5304 · Bank First Corp.

National charter · OCC · 38 branches

Q2 2026

$5.9BAssets
$4.5BLoans
$5.0BDeposits
$805.9MEquity
Loan mix
82%RE $3.6B16%C&I $0.7B1%Consumer $0.1BQ2 2025Q2 2026
Deposit mix
69%Interest-bearing $3.5B31%Noninterest $1.5BQ2 2025Q2 2026

NIM

4.80%Q2 ’244.97%Q2 ’255.00%Q2 ’26+2%+10%

Non-interest income vs. expense

1.88%Q2 ’241.83%Q2 ’252.42%Q2 ’26-3%+31%

Market Position · Sheboygan, WI · 2026 SOD (annual) · 22.7% share · #1 of 13 inst. · $0.7B of $3.0B

51.3% Manitowoc
22.7% Sheboygan
4.3% Brown
13.9% Rock

Executive Summary

  • Earnings: ROA of 1.67%, up 6 bps year over year; NIM at 3.84%.
  • Asset quality: problem loans at 0.56% of loans (+19 bps YoY), with net charge-offs at 0.05%.
  • Capital: tier 1 leverage ratio of 9.27%, down 38 bps from a year ago.
  • Funding: loans stand at 90.01% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.67%+6 bps YoY

Net Interest Margin (YTD, annualized)

3.84%+35 bps YoY

Efficiency Ratio (YTD, annualized)

51.86%+725 bps YoY

Tier 1 Leverage Ratio

9.27%-38 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.61%1.63%1.64%1.56%1.67%+6 bps
Return on Equity12.23%12.28%12.37%11.78%12.52%+29 bps
Net Interest Margin3.49%3.59%3.60%3.74%3.84%+35 bps
Efficiency Ratio44.61%44.26%44.43%56.12%51.86%+725 bps
Non-Interest Burden1.32%1.35%1.37%1.86%1.74%+42 bps
Growth
Asset Growth (YoY)5.31%2.92%0.23%34.65%36.22%+3,091 bps
Loan Growth (YoY)4.51%4.56%2.57%27.45%26.24%+2,173 bps
Deposit Growth (YoY)5.23%0.95%0.48%36.93%38.63%+3,339 bps
Asset Quality
Nonperforming Loans / Loans0.38%0.38%0.25%0.59%0.56%+19 bps
Net Charge-Offs / Loans0.05%0.03%0.03%0.01%0.05%+1 bps
Allowance / Loans1.24%1.22%1.23%1.26%1.24%0 bps
Allowance Coverage of NPLs3.3x3.2x4.9x2.1x2.2x-1.1x
Capital
Tier 1 Leverage Ratio9.66%9.91%9.85%9.00%9.27%-38 bps
Total Risk-Based Capital12.19%12.14%12.33%11.96%12.08%-11 bps
Equity / Assets13.54%13.50%13.34%13.17%13.56%+2 bps
Liquidity & Funding
Loans / Deposits98.84%101.48%96.24%88.16%90.01%-883 bps
Liquid Assets / Assets3.32%4.19%6.47%7.42%4.96%+164 bps
CRE / Total Capitaln/a436%426%434%n/an/a

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

Bank First, National Association

Manitowoc, WI · Cert 5304 · Peer group: banks $1B-$10B in assets (n=322-328) · Bank First Corp.

National charter · OCC · 38 branches

Q2 2026

$5.9BAssets
$4.5BLoans
$5.0BDeposits
$805.9MEquity

Executive Summary

  • Strongest standing: equity / assets outperforms 88% of banks $1B-$10B in assets (rank 40 of 328).
  • Widest gap: tier 1 capital ratio trails 87% of banks $1B-$10B in assets (rank 286 of 328).
  • Overall: at or above the peer median on 5 of 9 directional measures.

Return on Assets

1.55%

Rank 76 of 328

Net Interest Margin

3.84%

Rank 81 of 328

Efficiency Ratio

55.82%

Rank 125 of 328

Equity / Assets

13.56%

Rank 40 of 328

Non-interest income vs. expense

$40.9M$144.5MINCOMEEXPENSE
Unfavorable gap of $103.7M · efficiency ratio beats 62% of banks $1B-$10B in assets
Bank 55.82%Peer median 59.6%Q2 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.55%0.91%1.22%1.52%Beats 77%76 / 328
Return on Equity11.42%8.43%11.45%14.43%Beats 49%167 / 328
Net Interest Margin3.84%3.03%3.45%3.83%Beats 75%81 / 328
Efficiency Ratio55.82%51.61%59.56%67.53%Beats 62%125 / 328
Asset Quality
Nonperforming Loans / Loans0.56%0.24%0.51%1.03%Beats 46%174 / 322
Net Charge-Offs / Loans0.03%0.01%0.03%0.10%Beats 53%152 / 322
Capital
Tier 1 Capital Ratio10.93%11.75%13.15%15.47%Beats 13%286 / 328
Total Risk-Based Capital Ratio12.08%12.63%14.15%16.46%Beats 19%266 / 328
Equity / Assets13.56%9.15%10.33%12.01%Beats 88%40 / 328
Liquidity & Funding
Loans / Deposits90.01%76.63%87.92%95.36%56th pctl143 / 323
Loans / Assets76.15%65.18%74.15%79.98%58th pctl137 / 328
Brokered Deposits / Depositsn/aNot reported for this institution