Bank First Corp (NASDAQ: BFC)

Bank First Corp operates as a holding company for Bank First, N.A., a national banking association founded in 1894. The company is headquartered in Manitowoc, Wisconsin, and operates through its subsidiary, Bank First, N.A., which offers a wide range of financial services, including retail and commercial banking. The bank has 38 branches across Wisconsin and Illinois, serving businesses, professionals, and consumers with various financial products and services. Bank First Corp is regulated by the Office of the Comptroller of the Currency (OCC) and is a member of the Federal Reserve System.

Bank First Corp generates revenue through its banking operations, which include offering checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, commercial and industrial loans, commercial real estate loans, construction and development loans, residential mortgages, consumer loans, credit cards, and various banking services such as online, telephone, and mobile banking. The bank's customer base consists of individuals, small to medium-sized businesses, and professional firms located in or conducting a substantial portion of their business in the bank's market areas.

• Bank First Investments, Inc.: This subsidiary provides investment and safekeeping services to Bank First, N.A. It was organized in 2011 and is wholly owned by the bank. The primary purpose of Bank First Investments, Inc. is to manage and safeguard the bank's investment portfolio, ensuring that it aligns with the bank's strategic goals and risk management policies.

• TVG Holdings, Inc. (TVG): TVG is a wholly-owned subsidiary of Bank First, N.A., organized in 2009. It holds the bank's 40% ownership interest in Ansay & Associates, LLC (Ansay), one of the nation's largest independent insurance providers. This partnership allows Bank First to offer diversified services to its customers without the risk and expense of maintaining an in-house insurance department.

• BFC Title, LLC: Organized in 2020, BFC Title, LLC is a wholly-owned subsidiary of Bank First, N.A. It holds the bank's 5.88% ownership interest in Generations Title, LLC, a Wisconsin title company. This subsidiary enables Bank First to participate in the title insurance market, providing additional services to its customers.

Bank First Corp operates in a highly competitive banking industry, facing competition from local, regional, and national financial institutions, as well as non-traditional banking institutions such as fintech and non-bank lenders. Key competitors include commercial banks, credit unions, savings institutions, mortgage banking firms, consumer finance companies, securities brokerage firms, insurance companies, money market funds, and other mutual funds. The bank's competitive advantages include its strong local market knowledge, personalized service, and a focus on relationship-based banking. Additionally, Bank First Corp's strategic acquisitions, such as the completion of the Centre 1 Bancorp, Inc. acquisition on January 1, 2026, further strengthen its market presence and relationship-based banking model.

The bank's customer base includes individuals, businesses, associations, organizations, and governmental authorities. The bank serves a diverse range of customers, offering tailored financial products and services to meet their specific needs. Bank First Corp's commitment to community banking and its focus on building strong relationships with its customers have positioned it as a trusted financial institution in the regions it serves. The bank's strategic initiatives, such as enhancing its cybersecurity environment and providing a world-class digital banking experience, demonstrate its commitment to meeting the evolving needs of its customers in an increasingly digital financial landscape.