Bank First Business Summary

Bank First Corp (BFC) operates as the bank holding company for Bank First, N.A., generating revenue primarily through net interest income derived from a diverse loan portfolio and a stable base of customer deposits. Its primary business segments encompass commercial banking—including commercial and industrial, real estate, and construction lending—and retail banking services such as residential mortgages, consumer loans, and wealth management. Following its January 2026 merger with Centre 1 Bancorp, the company has expanded its footprint to 38 locations across Wisconsin and Illinois, leveraging a high-density community banking model that emphasizes treasury management and mortgage fee income. Bank First competes directly with regional peers such as First Busey (BUSE), 1st Source (SRCE), German American Bancorp (GABC), and Byline Bancorp (BY), positioning itself as a premium-valuation institution characterized by superior asset quality and a net interest margin consistently outperforming industry averages. Leadership is spearheaded by Michael B. Molepske, who has served as CEO since 2008 and Chairman since 2022; he holds degrees from UW-Madison and UW-Milwaukee and previously held senior roles at Associated Bank. The executive team includes President Timothy J. McFarlane, who joined in 2023 following the Hometown Bank merger, Chief Financial Officer Kevin M. LeMahieu, and Chief Lending Officer Jason V. Krepline. The company’s historical roots date back to its 1894 incorporation as The Bank of Manitowoc, founded by a group of business leaders including George Carter and L.D. Moses to restore local financial stability. Today, the board is strengthened by the recent 2026 appointment of fourth-generation banking veteran Steven Eldred, while the institutional investor base is anchored by major shareholders including BlackRock, Inc. and The Vanguard Group.