Bank First Corp

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

BFC$150.86+0.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated statements of cash flows

Consolidated Statements of Cash Flows


· · Years Ended December 31
· · 2025 · · 2024 · · 2023
· · (In Thousands)
Cash flows from operating activities:
Net income	$71,496	$65,563	$74,514
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,250	(800)	4,682
Depreciation and amortization of premises and equipment	2,418	2,253	2,073
Amortization of intangibles	5,003	5,793	6,324
Net accretion of securities	(3,409)	(3,411)	(2,377)
Amortization of stock-based compensation	2,136	2,172	2,142
Accretion of purchase accounting valuations	(2,891)	(4,635)	(6,884)
Net change in deferred loan fees and costs	(772)	(488)	(1,434)
Expense (benefit) from deferred income taxes	180	1,773	(1,724)
Change in fair value of MSR and other investments	(1,330)	296	(693)
Loss from sale and disposal of premises and equipment	916	375	363
Net (gain) loss on sale of OREO and valuation allowance	(159)	(694)	2,133
Proceeds from sales of mortgage loans	169,336	118,240	74,693
Originations of mortgage loans held for sale	(170,688)	(117,018)	(76,160)
Gain on sales of mortgage loans	(1,803)	(1,298)	(897)
Realized loss on sale of securities	—	34	7,901
Realized gain on sale of UFS	—	—	(38,904)
Undistributed income of UFS joint venture	—	—	(2,265)
Undistributed income of Ansay joint venture	(3,915)	(3,502)	(2,922)
Net earnings on life insurance	(1,579)	(1,661)	(1,534)
Increase in other assets	(1,231)	(2,994)	(2,006)
(Decrease) increase in other liabilities	(2,476)	5,849	15,920
Net cash provided by operating activities	62,482	65,847	52,945
Cash flows from investing activities, net of effects of business combination:
Activity in securities available for sale and held to maturity:
Sales	—	10,206	76,038
Maturities, prepayments, and calls	287,300	206,357	126,737
Purchases	(212,748)	(302,209)	(26,646)
Proceeds from other investments	—	—	248
Net increase in loans	(84,655)	(168,856)	(37,410)
Proceeds from sale of UFS	—	—	51,674
Dividends received from UFS	—	—	1,747
Dividends received from Ansay	2,564	2,335	1,924
Proceeds from sale of OREO	900	3,938	1,827
Net (purchase) sales of Federal Home Loan Bank (“FHLB”) stock	79	(1,274)	262
Net purchases of Federal Reserve Bank (“FRB”) stock	—	—	(3,880)
Proceeds from life insurance	2,036	1,411	—
Proceeds from sale of premises and equipment	1	2,380	—
Purchases of premises and equipment	(11,444)	(7,225)	(13,484)
Net cash received in business combination	—	—	89,959
Net cash (used in) provided by investing activities	(15,967)	(252,937)	268,996

Consolidated Statements of Cash Flows - (continued)


· · Years Ended December 31
· · 2025 · · 2024 · · 2023
· · (In Thousands)
Cash flows from financing activities, net of effects of business combination: · · · · · · ·
Net increase (decrease) in deposits	$34,674	$228,070	$(159,410)
Net decrease in securities sold under repurchase agreements	—	(75,747)	(21,449)
Proceeds from advances of notes payable	220,000	140,000	121,700
Repayment of notes payable	(245,508)	(40,000)	(93,107)
Repayment of subordinated notes	—	—	(11,500)
Repayment of junior subordinated debentures	—	(4,124)	(8,248)
Dividends paid	(52,501)	(15,562)	(11,959)
Proceeds from sales of common stock	737	245	195
Repurchase of common stock	(22,042)	(31,928)	(10,046)
Net cash (used in) provided by financing activities	(64,640)	200,954	(193,824)
Net (decrease) increase in cash and cash equivalents	(18,125)	13,864	128,117
Cash and cash equivalents at beginning of year	261,332	247,468	119,351
Cash and cash equivalents at end of year	$243,207	$261,332	$247,468

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$71,035	$65,970	$44,145
Income taxes	15,869	14,086	23,806
Supplemental schedule of noncash activities:
Loans transferred to OREO	—	412	—
Closed branch building transferred to OREO	—	1,748	2,623
MSR resulting from sale of loans	1,954	1,343	879
Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity recognized in other comprehensive income, net of tax	—	—	(1)
Change in unrealized loss on investment securities available for sale, net of tax	4,327	(639)	(1,080)

Acquisition:
Fair value of assets acquired	$—	$—	$615,105
Fair value of liabilities assumed	—	—	549,564
Net assets acquired	$—	$—	$65,541

Common stock issued in acquisition	$—	$—	$115,079

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