美國

證券交易委員會

華盛頓特區 20549

表格 10-Q

(標記一個)


☒	根據1934年證券交易所法案第13或15(d)條的季報告

截至2024年6月30日季度結束 2024年9月30日

或


	☐

在從______________到______________的過渡期間

委員會文件號碼： 001-38676

bank first 公司

（依憑章程所載的完整登記名稱）


WISCONSIN		39-1435359
(成立地或組織其他管轄區)		（聯邦稅號）


402 North 8^th 街, 馬尼托沃克, 威斯康辛		54220
(總部辦公地址)		(郵遞區號)

(920) 652-3100

(註冊人電話號碼，包括區號)

請檢查標記，確認註冊商是否(1)在過去的12個月內(或更短的期限，註冊商在該期限內需要提交此類報告)提交了證券交易法1934年第13條或15(d)條要求提交的所有報告；並且(2)過去90天一直受到此類報告的要求。 Yes ⌧沒有◻

請以核對符號表示：在過去的12個月中（或登記者所需要提交和發帖這些檔案的較短時期），登記者是否已按照Regulation S-t的第405條（本章節的§232.405）要求遞交所有互動式數據檔案。 Yes ⌧沒有◻

請載明檢查標記，公司是否為大型加速披露人、加速披露人、非加速披露人、小型報告公司或新興成長公司。請於「交易所法案」第1202條中查閱「大型加速披露人」、「加速披露人」、「小型報告公司」和「新興成長公司」的定義。

大型加速歸檔人 ⌧	加速進入文件 ☐
非加速申報者 ☐	較小的報告公司 ☐
	新興成長型公司 ☐

如果一家新興成長型企業，請勾選“是”表示註冊人選擇不使用根據證券交易所法第13(a)條所提供的任何新的或修改後的財務會計準則的延長過渡期來遵守。 ☐

請標記是否公司是外殼公司（根據交易所法案規則120億2）。是☐ 否 ☒

根據法案第12(b)條註冊的證券：


每種類別的名稱	交易標的（s）	註冊在每個交易所上的名稱
普通股，每股面值$0.01	bank first	納斯達克股票交易所有限責任公司

該發行人普通股股數，面值為$0.01，截至2024年11月12日尚未存續。 10,012,057 股。


		頁碼
第一部分. 財務信息		3
ITEm 1.	基本報表	3
	合併資產負債表-2024年9月30日(未經審核)和2023年12月31日	3
	合併損益表-截至2024年9月30日和2023年的三個月和九個月(未經審核)	4
	合併綜合損益表-截至2024年9月30日和2023年的三個月和九個月(未經審核)	5
	2024年和2023年9月30日結束的股東權益變動綜合報表-三個月以及九個月 (未經審核)	6
	2024年和2023年9月30日結束的營業活動產生的現金流量綜合報表-九個月 (未經審核)	7
	附註未經核數的合併財務報表	9
ITEm 2.	管理層對財務狀況和業績的討論與分析	28
項目 3。	有關市場風險的定量和定性披露	55
項目 4。	內部控制及程序	57
第二部分。其他資訊		57
ITEm 1.	法律訴訟	57
項目1A.	風險因素	57
ITEm 2.	股票權益的未註冊銷售和資金用途	58
項目 3。	優先證券違約	58
項目 4。	礦業安全披露	58
條目 5。	其他資訊	58
條目 6。	展品	59
簽名		60

第一部分 - 財務資訊

項目 1. 基本報表:

bank first CORPORATION

合併資產負債表

（以千為單位，除股份及每股數據外）



	2024年9月30日		2023年12月31日
		(未經審計)		（已經接受審計）

資產
現金及應收銀行款項	$	63,985	$	69,973
利息負債存款		140,443		177,495
現金及現金等價物		204,428		247,468
持有至到期的證券，以攤銷成本計算（$110,993 及103,626 於2024年9月30日及2023年12月31日的公允價值）		109,236		103,324
可供出售的證券，按公允價值（$137,642 及154,318 按攤銷成本於2024年9月30日及2023年12月31日的數字分別為)		128,438		142,197
待出售的貸款		4,371		3,012
貸款		3,470,920		3,342,974
貸款信用損失準備金（"ACL-Loans"）		(45,212)		(43,609)
貸款淨額		3,425,708		3,299,365
場地和設備，淨值		69,710		69,891
商譽		175,106		175,106
其他投資		22,567		21,366
人壽保險的現金價值		61,119		61,292
核心存款無形資產，淨額		22,592		26,996
按揭服務權（"MSR"）		13,351		13,668
其他持有的房地產（“OREO”）		712		2,573
對Ansay及其聯合公司的投資（"Ansay"）		34,747		32,926
其他資產		22,413		22,658
總資產	$	4,294,498	$	4,221,842
550,714
負債：
存款：
利息負債存款	$	2,463,084	$	2,382,185
非息融資存款		1,021,657		1,050,735
總存款		3,484,741		3,432,920
在回购协议下出售的证券		—		75,747
應付款項		135,346		35,270
次級票據		12,000		12,000
次級可轉換債券		—		4,124
其他負債		33,516		41,983
總負債		3,665,603		3,602,044
股東權益：
序列優先股 - $0.01 面值
已獲授權 - 5,000,000 股份		—		—
普通股 - $0.01 面值
已獲授權 - 20,000,000 股份
已發行 - 11,515,130 截至2024年9月30日及2023年12月31日的分享
流通股 - 10,011,428 和 10,365,131 截至2024年9月30日及2023年12月31日的分享		115		115
資本公積額額外增資		333,303		333,815
保留盈餘		384,936		348,001
庫藏股，按成本 - 1,503,702 和 1,149,999 截至2024年9月30日及2023年12月31日的分享。		(82,983)		(53,387)
累積其他全面損失		(6,476)		(8,746)
股東權益總額		628,895		619,798
總負債及股東權益	$	4,294,498	$	4,221,842

請參閱附註以獲取公司的基本報表。


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

Interest income:
Loans, including fees	$	49,442	$	43,552	$	140,666	$	124,308
Securities:
Taxable		2,651		2,384		7,800		6,405
Tax-exempt		238		243		724		789
Other		1,701		810		3,461		2,318
Total interest income		54,032		46,989		152,651		133,820
Interest expense:
Deposits		16,484		11,644		47,671		29,177
Securities sold under repurchase agreements		—		252		22		1,383
Borrowed funds		1,665		1,035		2,719		2,696
Total interest expense		18,149		12,931		50,412		33,256
Net interest income		35,883		34,058		102,239		100,564
Provision for credit losses		—		—		200		4,182
Net interest income after provision for credit losses		35,883		34,058		102,039		96,382
Noninterest income:
Service charges		2,189		1,821		5,924		5,186
Income from Ansay		1,062		791		3,420		2,812
Income from UFS, LLC (“UFS”)		—		784		—		2,444
Loan servicing income		733		734		2,194		2,119
Valuation adjustment on MSR		(344)		229		(317)		460
Net gain on sales of mortgage loans		377		248		873		624
Other		876		647		3,073		2,012
Total noninterest income		4,893		5,254		15,167		15,657
Noninterest expense:
Salaries, commissions, and employee benefits		10,118		10,216		31,015		29,998
Occupancy		1,598		1,455		4,512		4,363
Data processing		2,502		2,153		7,005		6,111
Postage, stationery, and supplies		213		244		656		848
Net (gain) loss on sales and valuations of OREO		—		53		(508)		542
Net loss on sale of securities		—		—		34		75
Advertising		61		60		235		226
Charitable contributions		183		229		593		680
Outside service fees		1,598		1,438		4,780		4,987
Amortization of intangibles		1,429		1,626		4,404		4,720
Other		2,398		2,173		6,755		6,707
Total noninterest expense		20,100		19,647		59,481		59,257
Income before provision for income taxes		20,676		19,665		57,725		52,782
Provision for income taxes		4,124		4,861		9,702		13,166
Net Income	$	16,552	$	14,804	$	48,023	$	39,616
Earnings per share - basic	$	1.65	$	1.43	$	4.75	$	3.89
Earnings per share - diluted	$	1.65	$	1.43	$	4.75	$	3.89


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Net Income	$	16,552	$	14,804	$	48,023	$	39,616
Other comprehensive income (loss):
Unrealized gains (losses) on available for sale securities:
Unrealized holding gains (losses) arising during period		3,664		(6,093)		2,883		(5,308)
Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity		—		—		(1)		—
Reclassification adjustment for losses included in net income		—		—		34		75
Income tax benefit (expense)		(769)		1,276		(646)		1,044
Total other comprehensive income (loss)		2,895		(4,817)		2,270		(4,189)
Comprehensive income	$	19,447	$	9,987	$	50,293	$	35,427


											Accumulated
	Serial				Additional						Other		Total
	Preferred		Common		Paid-in		Retained		Treasury		Comprehensive		Stockholders'
	Stock		Stock		Capital		Earnings		Stock		Income (loss)		Equity

Balance at January 1, 2023	$	—	$	101	$	218,263	$	295,496	$	(45,191)	$	(15,566)	$	453,103
Net income		—		—		—		10,680		—		—		10,680
Other comprehensive income		—		—		—		—		—		2,410		2,410
Purchase of treasury stock		—		—		—		—		(6,727)		—		(6,727)
Sale of treasury stock		—		—		—		—		37		—		37
Cash dividends ($0.25 per share)		—		—		—		(2,616)		—		—		(2,616)
Amortization of stock-based compensation		—		—		456		—		—		—		456
Vesting of restricted stock awards		—		—		(1,585)		—		1,585		—		—
Adoption of new accounting pronouncement		—		—		—		(10,050)		—		—		(10,050)
Shares issued in the acquisition of Hometown Bancorp, Ltd. (1,450,272 shares)		—		14		115,065		—		—		—		115,079

Balance at March 31, 2023		—		115		332,199		293,510		(50,296)		(13,156)		562,372
Net income		—		—		—		14,132		—		—		14,132
Other comprehensive loss		—		—		—		—		—		(1,782)		(1,782)
Purchase of treasury stock		—		—		—		—		(1,341)		—		(1,341)
Sale of treasury stock		—		—		—		—		44		—		44
Cash dividends ($0.30 per share)		—		—		—		(3,117)		—		—		(3,117)
Amortization of stock-based compensation		—		—		564		—		—		—		564
Vesting of restricted stock awards		—		—		(45)		—		45		—		—

Balance at June 30, 2023		—		115		332,718		304,525		(51,548)		(14,938)		570,872
Net income		—		—		—		14,804		—		—		14,804
Other comprehensive loss		—		—		—		—		—		(4,817)		(4,817)
Purchase of treasury stock		—		—		—		—		(1,037)		—		(1,037)
Sale of treasury stock		—		—		—		—		63		—		63
Cash dividends ($0.30 per share)		—		—		—		(3,117)		—		—		(3,117)
Amortization of stock-based compensation		—		—		561		—		—		—		561
Vesting of restricted stock awards		—		—		(25)		—		25		—		—

Balance at September 30, 2023	$	—	$	115	$	333,254	$	316,212	$	(52,497)	$	(19,755)	$	577,329

Balance at January 1, 2024	$	—	$	115	$	333,815	$	348,001	$	(53,387)	$	(8,746)	$	619,798
Net income		—		—		—		15,412		—		—		15,412
Other comprehensive loss		—		—		—		—		—		(665)		(665)
Purchase of treasury stock		—		—		—		—		(22,283)		—		(22,283)
Sale of treasury stock		—		—		—		—		55		—		55
Cash dividends ($0.35 per share)		—		—		—		(3,541)		—		—		(3,541)
Amortization of stock-based compensation		—		—		554		—		—		—		554
Vesting of restricted stock awards		—		—		(2,145)		—		2,145		—		—

Balance at March 31, 2024		—		115		332,224		359,872		(73,470)		(9,411)		609,330
Net income		—		—		—		16,059		—		—		16,059
Other comprehensive income		—		—		—		—		—		40		40
Purchase of treasury stock		—		—		—		—		(7,943)		—		(7,943)
Sale of treasury stock		—		—		—		—		65		—		65
Cash dividends ($0.35 per share)		—		—		—		(3,511)		—		—		(3,511)
Amortization of stock-based compensation		—		—		539		—		—		—		539

Balance at June 30, 2024		—		115		332,763		372,420		(81,348)		(9,371)		614,579
Net income		—		—		—		16,552		—		—		16,552
Other comprehensive income		—		—		—		—		—		2,895		2,895
Purchase of treasury stock		—		—		—		—		(1,701)		—		(1,701)
Sale of treasury stock		—		—		—		—		66		—		66
Cash dividends ($0.40 per share)		—		—		—		(4,036)		—		—		(4,036)
Amortization of stock-based compensation		—		—		540		—		—		—		540

Balance at September 30, 2024	$	—	$	115	$	333,303	$	384,936	$	(82,983)	$	(6,476)	$	628,895


	As Recorded by		Fair Value		As Recorded by
	Hometown		Adjustments		the Company
Cash, cash equivalents and securities	$	174,582	$	(1,010)	$	173,572
Other investments		1,195		—		1,195
Loans, net		406,168		(10,367)		395,801
Premises and equipment, net		7,577		(1,109)		6,468
Core deposit intangible		405		16,085		16,490
Other assets		28,011		(6,432)		21,579
Total assets acquired	$	617,938	$	(2,833)	$	615,105

Deposits	$	532,165	$	209	$	532,374
Other borrowings		5,000		(331)		4,669
Junior subordinated debentures		12,372		(1,464)		10,908
Other liabilities		469		1,144		1,613
Total liabilities assumed	$	550,006	$	(442)	$	549,564

Excess of assets acquired over liabilities assumed	$	67,932	$	(2,391)	$	65,541
Less: purchase price						130,452
Goodwill						64,911
Refinement to fair value estimates (1)						(30)
Goodwill (after refinement)					$	64,881


	February 10, 2023
Purchase price of PCD loans at acquisition	$	25,778
Non-credit discount on PCD loans at acquisition		4,498
Allowance for credit losses on PCD loans at acquisition		5,534
Par value of PCD acquired loans at acquisition	$	35,810


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
September 30, 2024
Obligations of U.S. Government sponsored agencies	$	28,120	$	4	$	(2,330)	$	25,794
Obligations of states and political subdivisions		62,999		136		(4,671)		58,464
Mortgage-backed securities		30,856		23		(912)		29,967
Corporate notes		15,667		—		(1,454)		14,213
Total available for sale securities	$	137,642	$	163	$	(9,367)	$	128,438

December 31, 2023
Obligations of U.S. Government sponsored agencies	$	31,453	$	4	$	(3,163)	$	28,294
Obligations of states and political subdivisions		63,929		77		(5,760)		58,246
Mortgage-backed securities		37,789		5		(1,664)		36,130
Corporate notes		20,657		—		(1,619)		19,038
Certificates of deposit		490		—		(1)		489
Total available for sale securities	$	154,318	$	86	$	(12,207)	$	142,197


	Less Than 12 Months				Greater Than 12 Months				Total
													Number
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized		of
	Value		Losses		Value		Losses		Value		Losses		Securities

September 30, 2024 - Available for Sale
Obligations of U.S. Government sponsored agencies	$	698	$	(2)	$	22,412	$	(2,328)	$	23,110	$	(2,330)	23
Obligations of states and political subdivisions		4,198		(13)		46,574		(4,658)		50,772		(4,671)	63
Mortgage-backed securities		—		—		25,647		(912)		25,647		(912)	89
Corporate notes		—		—		13,072		(1,454)		13,072		(1,454)	9
Totals	$	4,896	$	(15)	$	107,705	$	(9,352)	$	112,601	$	(9,367)	184

September 30, 2024 - Held to Maturity
U.S. Treasury securities	$	—	$	—	$	34,266	$	(382)	$	34,266	$	(382)	21

December 31, 2023 - Available for Sale
Obligations of U.S. Government sponsored agencies	$	6,519	$	(173)	$	19,519	$	(2,990)	$	26,038	$	(3,163)	24
Obligations of states and political subdivisions		6,806		(71)		40,959		(5,689)		47,765		(5,760)	65
Mortgage-backed securities		5,751		(95)		28,693		(1,569)		34,444		(1,664)	104
Corporate notes		4,926		(68)		12,487		(1,551)		17,413		(1,619)	9
Certificate of deposits		—		—		489		(1)		489		(1)	2
Totals	$	24,002	$	(407)	$	102,147	$	(11,800)	$	126,149	$	(12,207)	204

December 31, 2023 - Held to Maturity
U.S. Treasury securities	$	31,785	$	(99)	$	35,362	$	(971)	$	67,147	$	(1,070)	49
Obligations of states and political subdivisions		—		—		220		—		220		—	1
Totals	$	31,785	$	(99)	$	35,582	$	(971)	$	67,367	$	(1,070)	50


	Available for Sale				Held to Maturity
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	1,828	$	1,833	$	22,949	$	22,841
Due after one year through 5 years		18,112		18,004		45,125		45,247
Due after 5 years through 10 years		41,077		37,683		41,162		42,905
Due after 10 years		45,769		40,951		—		—
Subtotal		106,786		98,471		109,236		110,993
Mortgage-backed securities		30,856		29,967		—		—
Total	$	137,642	$	128,438	$	109,236	$	110,993


	2024		2023
Commercial/industrial	$	518,263	$	488,498
Commercial real estate - owner occupied		939,385		893,977
Commercial real estate - non-owner occupied		463,415		473,829
Multi-family		329,631		332,959
Construction and development		247,150		201,823
Residential 1‑4 family		904,099		888,412
Consumer		55,427		50,741
Other		15,225		14,980
Subtotals		3,472,595		3,345,219
ACL - Loans		(45,212)		(43,609)
Loans, net of ACL - Loans		3,427,383		3,301,610
Deferred loan fees, net		(1,675)		(2,245)
Loans, net	$	3,425,708	$	3,299,365


	Three Months Ended				Nine Months Ended				Year Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023		December 31, 2023
Beginning Balance	$	45,118	$	43,409	$	43,609	$	22,680	$	22,680
Adoption of ASU 2016-13		-		-		-		10,972		10,972
ACL on PCD loans acquired		-		-		-		5,534		5,534
Provision for credit losses		400		-		1,100		4,092		4,292
Charge-offs		(366)		(15)		(444)		(70)		(88)
Recoveries		60		10		947		196		219
Net (charge-offs) recoveries		(306)		(5)		503		126		131
Ending Balance	$	45,212	$	43,404	$	45,212	$	43,404	$	43,609


	Nine Months Ended September 30,
	2024		2023


Cash flows from operating activities:
Net income	$	48,023	$	39,616
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		200		4,182
Depreciation and amortization of premises and equipment		1,689		1,398
Amortization of intangibles		4,404		4,720
Net accretion of securities		(2,597)		(1,705)
Amortization of stock-based compensation		1,633		1,581
Accretion of purchase accounting valuations		(4,014)		(6,460)
Net change in deferred loan fees and costs		(573)		(1,159)
Change in fair value of MSR and other investments		364		(686)
Loss from sale and disposal of premises and equipment		375		135
Net (gain) loss on sale of OREO and valuation allowance		(508)		542
Proceeds from sales of mortgage loans		78,340		56,942
Originations of mortgage loans held for sale		(78,826)		(56,825)
Gain on sales of mortgage loans		(873)		(624)
Realized loss on sale of securities		34		75
Undistributed income of UFS joint venture		—		(2,444)
Undistributed income of Ansay joint venture		(3,420)		(2,812)
Net earnings on life insurance		(1,238)		(1,131)
Increase in other assets		(402)		(1,026)
Decrease in other liabilities		(7,567)		(1,676)
Net cash provided by operating activities		35,044		32,643
Cash flows from investing activities, net of effects of business combination:
Activity in securities available for sale and held to maturity:
Sales		10,206		34,197
Maturities, prepayments, and calls		101,821		123,968
Purchases		(98,701)		—
Net increase in loans		(122,846)		(51,761)
Dividends received from UFS		—		1,748
Dividends received from Ansay		1,599		1,485
Proceeds from sale of OREO		1,936		1,827
Net (purchase) sales of Federal Home Loan Bank (“FHLB”) stock		(1,247)		262
Net purchases of Federal Reserve Bank (“FRB”) stock		—		(3,880)
Proceeds from life insurance		1,411		—


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic
Net income available to common shareholders	$	16,552	$	14,804	$	48,023	$	39,616
Less: Earnings allocated to participating securities		(87)		(83)		(257)		(228)
Net income allocated to common shareholders	$	16,465	$	14,721	$	47,766	$	39,388

Weighted average common shares outstanding including participating securities		10,012,190		10,388,909		10,107,700		10,186,107
Less: Participating securities (1)		(52,634)		(58,130)		(54,024)		(58,399)
Average shares		9,959,556		10,330,779		10,053,676		10,127,708

Basic earnings per common share	$	1.65	$	1.43	$	4.75	$	3.89

Diluted
Net income available to common shareholders	$	16,552	$	14,804	$	48,023	$	39,616

Weighted average common shares outstanding for basic earnings per common share		9,959,556		10,330,779		10,053,676		10,127,708
Add: Dilutive effects of stock based compensation awards		20,988		22,842		22,214		23,282
Average shares and dilutive potential common shares		9,980,544		10,353,621		10,075,890		10,150,990
Diluted earnings per common share	$	1.65	$	1.43	$	4.75	$	3.89


			Commercial		Commercial
			Real Estate -		Real Estate -				Construction
	Commercial /		Owner		Non - Owner		Multi-		and		Residential
	Industrial		Occupied		Occupied		Family		Development		1-4 Family		Consumer		Other		Total
ACL - Loans - January 1, 2024	$	5,965	$	12,285	$	5,700	$	4,754	$	3,597	$	10,620	$	615	$	73	$	43,609
Charge-offs		(26)		(294)		—		—		—		(44)		(7)		(73)		(444)
Recoveries		3		909		—		—		—		9		7		19		947
Provision		(2)		(131)		(147)		(130)		846		522		27		115		1,100
ACL - Loans - September 30, 2024	$	5,940	$	12,769	$	5,553	$	4,624	$	4,443	$	11,107	$	642	$	134	$	45,212


			Commercial		Commercial
			Real Estate -		Real Estate -				Construction
	Commercial /		Owner		Non - Owner		Multi-		and		Residential
	Industrial		Occupied		Occupied		Family		Development		1-4 Family		Consumer		Other		Total
ACL - Loans - January 1, 2023	$	4,071	$	5,204	$	2,644	$	2,761	$	1,592	$	5,944	$	314	$	150	$	22,680
Adoption of ASU 2016-13		1,859		1,982		1,161		753		2,063		2,567		620		(33)		10,972
ACL - Loans on PCD loans acquired		1,082		4,424		—		—		—		28		—		—		5,534
Charge-offs		—		—		—		—		—		—		(1)		(69)		(70)
Recoveries		5		70		—		—		—		104		4		13		196
Provision		538		(220)		857		388		(87)		2,509		70		37		4,092
ACL - Loans - September 30, 2023	$	7,555	$	11,460	$	4,662	$	3,902	$	3,568	$	11,152	$	1,007	$	98	$	43,404


			90 Days						Non-Accrual
	30-89 Days		or more						with no
	Past Due		Past Due		Non-				specifically
	Accruing		and Accruing		Accrual		Total		allocated ACL
Commercial/industrial	$	333	$	15	$	4,117	$	4,465	$	20
Commercial real estate - owner occupied		116		—		5,382		5,498		812
Commercial real estate - non-owner occupied		—		79		—		79		—
Multi-family		—		—		—		—		—
Construction and development		—		86		—		86		—
Residential 1‑4 family		987		1,282		176		2,445		176
Consumer		109		14		18		141		19
Other		—		—		—		—		—
	$	1,545	$	1,476	$	9,693	$	12,714	$	1,027


	Collateral Type
As of September 30, 2024			Other				Without an		With an		Allowance
	Real Estate		Business Assets		Total		Allowance		Allowance		Allocation
Commercial/industrial	$	—	$	4,142	$	4,142	$	—	$	4,142	$	820
Commercial real estate - owner occupied		10,298		—		10,298		—		10,298		3,552
Commercial real estate - non-owner occupied		—		—		—		—		—		—
Multi-family		—		—		—		—		—		—
Construction and development		700		—		700		700		—		—
Residential 1‑4 family		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Other		—		—		—		—		—		—
Total Loans	$	10,998	$	4,142	$	15,140	$	700	$	14,440	$	4,372


	Collateral Type
As of December 31, 2023			Other				Without an		With an		Allowance
	Real Estate		Business Assets		Total		Allowance		Allowance		Allocation
Commercial/industrial	$	—	$	5,320	$	5,320	$	47	$	5,273	$	1,089
Commercial real estate - owner occupied		8,131		—		8,131		794		7,337		3,156
Commercial real estate - non-owner occupied		—		—		—		—		—		—
Multi-family		—		—		—		—		—		—
Construction and development		—		—		—		—		—		—
Residential 1‑4 family		35		—		35		35		—		—
Consumer		—		—		—		—		—		—
Other		—		—		—		—		—		—
Total Loans	$	8,166	$	5,320	$	13,486	$	876	$	12,610	$	4,245


	Amortized Cost Basis by Origination Year
As of September 30, 2024																Revolving
		2024		2023		2022		2021		2020		Prior		Revolving		to Term		Total
Commercial/industrial
Grades 1-4	$	68,144	$	62,018	$	69,838	$	52,307	$	42,744	$	22,243	$	81,623	$	-	$	398,917
Grade 5		13,028		6,858		50,781		5,868		2,469		1,566		20,519		-		101,089
Grade 6		258		621		114		19		124		188		1,835		-		3,159
Grade 7		425		406		291		6,130		1,112		769		5,965		-		15,098
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	81,855	$	69,903	$	121,024	$	64,324	$	46,449	$	24,766	$	109,942	$	-	$	518,263
Current-period gross charge-offs	$	-	$	-	$	9	$	15	$	-	$	2	$	-	$	-	$	26
Commercial real estate - owner occupied
Grades 1-4	$	52,323	$	62,815	$	104,181	$	163,438	$	98,179	$	187,342	$	40,690	$	-	$	708,968
Grade 5		42,926		20,155		19,342		19,966		10,109		37,418		10,260		-		160,176
Grade 6		-		791		6,871		2,800		4,762		6,319		3,025		-		24,568
Grade 7		-		868		7,290		3,457		1,645		29,591		2,822		-		45,673
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	95,249	$	84,629	$	137,684	$	189,661	$	114,695	$	260,670	$	56,797	$	-	$	939,385
Current-period gross charge-offs	$	-	$	-	$	-	$	293	$	-	$	1	$	-	$	-	$	294
Commercial real estate - non-owner occupied
Grades 1-4	$	22,334	$	54,985	$	61,100	$	127,796	$	48,103	$	98,862	$	9,485	$	-	$	422,665
Grade 5		1,562		1,953		4,666		8,544		3,565		13,191		-		-		33,481
Grade 6		-		-		1,502		-		-		2,627		2,015		-		6,144
Grade 7		-		-		-		62		354		709		-		-		1,125
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	23,896	$	56,938	$	67,268	$	136,402	$	52,022	$	115,389	$	11,500	$	-	$	463,415
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Multi-family
Grades 1-4	$	1,134	$	26,240	$	33,118	$	100,112	$	72,048	$	83,996	$	2,493	$	-	$	319,141
Grade 5		781		1,018		1,317		4,207		-		122		-		-		7,445
Grade 6		-		-		-		-		-		-		-		-		-
Grade 7		-		-		-		-		-		3,045		-		-		3,045
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	1,915	$	27,258	$	34,435	$	104,319	$	72,048	$	87,163	$	2,493	$	-	$	329,631
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Construction and development
Grades 1-4	$	40,787	$	70,062	$	66,126	$	12,015	$	4,521	$	5,468	$	586	$	-	$	199,565
Grade 5		4,529		32,120		1,078		1,128		628		54		1,155		-		40,692
Grade 6		210		2,561		-		-		-		-		-		-		2,771
Grade 7		-		700		-		2,494		162		766		-		-		4,122
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	45,526	$	105,443	$	67,204	$	15,637	$	5,311	$	6,288	$	1,741	$	-	$	247,150
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Residential 1‑4 family
Grades 1-4	$	69,493	$	100,975	$	183,771	$	181,644	$	144,159	$	107,227	$	91,426	$	-	$	878,695
Grade 5		2,780		2,862		6,336		2,304		3,123		2,066		293		-		19,764
Grade 6		-		153		679		-		-		202		-		-		1,034
Grade 7		-		-		12		1,022		879		2,508		185		-		4,606
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	72,273	$	103,990	$	190,798	$	184,970	$	148,161	$	112,003	$	91,904	$	-	$	904,099
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	44	$	-	$	-	$	44
Consumer
Grades 1-4	$	22,821	$	13,967	$	8,963	$	4,372	$	3,110	$	1,778	$	397	$	-	$	55,408
Grade 5		-		-		-		-		-		-		-		-		-
Grade 6		-		-		-		-		-		-		-		-		-
Grade 7		-		-		-		-		-		19		-		-		19
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	22,821	$	13,967	$	8,963	$	4,372	$	3,110	$	1,797	$	397	$	-	$	55,427
Current-period gross charge-offs	$	-	$	-	$	4	$	-	$	3	$	-	$	-	$	-	$	7
Other
Grades 1-4	$	1,770	$	175	$	620	$	491	$	445	$	9,319	$	2,324	$	-	$	15,144
Grade 5		-		-		-		-		-		-		81		-		81
Grade 6		-		-		-		-		-		-		-		-		-
Grade 7		-		-		-		-		-		-		-		-		-
Grade 8		-		-		-		-		-		-		-		-		-
Total	$	1,770	$	175	$	620	$	491	$	445	$	9,319	$	2,405	$	-	$	15,225
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	73	$	-	$	73

Total Loans	$	345,305	$	462,303	$	627,996	$	700,176	$	442,241	$	617,395	$	277,179	$	-	$	3,472,595
Total current-period gross charge-offs	$	-	$	-	$	13	$	308	$	3	$	47	$	73	$	-	$	444


			September 30,		December 31,
	Maturity	Rate	2024		2023
Fixed rate, fixed term	06/30/2025	5.16%	$	25,000	$	—
Fixed rate, fixed term	03/23/2026	4.02%		10,000		10,000
Fixed rate, fixed term	05/26/2026	1.95%		5,000		5,000
Fixed rate, fixed term	06/29/2026	4.77%		15,000		—
Fixed rate, fixed term	03/23/2027	3.91%		10,000		10,000
Fixed rate, fixed term	06/28/2027	4.57%		15,000		—
Fixed rate, fixed term	03/23/2028	3.85%		10,000		10,000
Fixed rate, fixed term	07/05/2028	4.41%		20,000		—
Fixed rate, fixed term	07/09/2029	4.31%		25,000		—
Fixed rate, fixed term	04/22/2030	0.00%		508		508
				135,508		35,508
Adjustment due to purchase accounting				(162)		(238)
			$	135,346	$	35,270


													To Be Well
									Minimum Capital				Capitalized Under
					For Capital				Adequacy with				Prompt Corrective
	Actual				Adequacy Purposes				Capital Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio

September 30, 2024
Total capital (to risk-weighted assets):
Company	$	495,493	13.87	%	$	285,833	8.00	%	$	375,156	10.50	%		NA	NA
Bank	$	434,920	12.18	%	$	285,664	8.00	%	$	374,934	10.50	%	$	357,080	10.00	%
Tier 1 capital (to risk-weighted assets):
Company	$	442,697	12.39	%	$	214,375	6.00	%	$	303,698	8.50	%		NA	NA
Bank	$	394,124	11.04	%	$	214,248	6.00	%	$	303,518	8.50	%	$	285,664	8.00	%
Common Equity Tier 1 capital (to risk-weighted assets):
Company	$	442,697	12.39	%	$	160,781	4.50	%	$	250,104	7.00	%		NA	NA
Bank	$	394,124	11.04	%	$	160,686	4.50	%	$	249,956	7.00	%	$	232,102	6.50	%
Tier 1 capital (to average assets):
Company	$	442,697	10.94	%	$	161,935	4.00	%	$	161,935	4.00	%		NA	NA
Bank	$	394,124	9.74	%	$	161,835	4.00	%	$	161,835	4.00	%	$	202,294	5.00	%
December 31, 2023
Total capital (to risk-weighted assets):
Company	$	484,398	13.99	%	$	276,904	8.00	%	$	363,437	10.50	%		NA	NA
Bank	$	446,634	12.91	%	$	276,726	8.00	%	$	363,202	10.50	%	$	345,907	10.00	%
Tier 1 capital (to risk-weighted assets):
Company	$	437,979	12.65	%	$	207,678	6.00	%	$	294,211	8.50	%		NA	NA
Bank	$	412,215	11.92	%	$	207,544	6.00	%	$	294,021	8.50	%	$	276,726	8.00	%
Common Equity Tier 1 capital (to risk-weighted assets):
Company	$	433,979	12.54	%	$	155,759	4.50	%	$	242,291	7.00	%		NA	NA
Bank	$	412,215	11.92	%	$	155,658	4.50	%	$	242,135	7.00	%	$	224,840	6.50	%
Tier 1 capital (to average assets):
Company	$	437,979	11.05	%	$	158,581	4.00	%	$	158,581	4.00	%		NA	NA
Bank	$	412,215	10.40	%	$	158,585	4.00	%	$	158,585	4.00	%	$	198,231	5.00	%


	Notional Amount
	September 30, 2024		December 31, 2023

Commitments to extend credit:
Fixed	$	53,863	$	92,113
Variable		708,036		707,285
Credit card arrangements		22,884		21,213
Letters of credit		15,447		9,785


	Instruments		Markets		Other		Significant
	Measured		for Identical		Observable		Unobservable
	At Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2024
Assets
Securities available for sale
Obligations of U.S. Government sponsored agencies	$	25,794	$	—	$	25,794	$	—
Obligations of states and political subdivisions		58,464		—		58,464		—
Mortgage-backed securities		29,967		—		29,967		—
Corporate notes		14,213		—		14,213		—
Mortgage servicing rights		13,351		—		13,351		—

December 31, 2023
Assets
Securities available for sale
Obligations of U.S. Government sponsored agencies	$	28,294	$	—	$	28,294	$	—
Obligations of states and political subdivisions		58,246		—		58,246		—
Mortgage-backed securities		36,130		—		36,130		—
Corporate notes		19,038		—		19,038		—
Certificates of deposit		489		—		489		—
Mortgage servicing rights		13,668		—		13,668		—


			Quoted Prices
			In Active		Significant
	Assets		Markets		Other		Significant
	Measured		for Identical		Observable		Unobservable
	At Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2024
OREO	$	712	$	—	$	—	$	712
Loans individually evaluated, net of reserve		10,768		—		—		10,768
	$	11,480	$	—	$	—	$	11,480

December 31, 2023
OREO	$	2,573	$	—	$	—	$	2,573
Loans individually evaluated, net of reserve		9,242		—		—		9,242
	$	11,815	$	—	$	—	$	11,815


					Weighted
		Unobservable	Range of		Average
	Valuation Technique	Inputs	Discounts		Discount
As of September 30, 2024
OREO	Third party appraisals, sales contracts or brokered price options	Collateral discounts and estimated costs to sell	61	%	61	%
Loans individually evaluated	Third party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 100	%	29	%

As of December 31, 2023
OREO	Third party appraisals, sales contracts or brokered price options	Collateral discounts and estimated costs to sell	3% - 71	%	38	%
Loans individually evaluated	Third party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 53	%	31	%


	Carrying
September 30, 2024	amount		Level 1		Level 2		Level 3		Total

Financial assets:
Cash and cash equivalents	$	204,428	$	204,428	$	—	$	—	$	204,428
Securities held to maturity		109,236		107,797		3,196		—		110,993
Loans held for sale		4,371		—		4,371		—		4,371
Loans, net		3,425,708		—		—		3,231,867		3,231,867
Other investments		22,567		—		—		22,567		22,567
Financial liabilities:
Deposits	$	3,484,741	$	—	$	—	$	3,280,558	$	3,280,558
Notes payable		135,346		—		135,346		—		135,346
Subordinated notes		12,000		—		12,000		—		12,000


	For the period ended			For the period ended
	September 30, 2024			September 30, 2023
		Weighted-			Weighted-
		Average Grant-			Average Grant-
	Shares	Date Fair Value		Shares	Date Fair Value
Restricted Stock
Outstanding at beginning of period	58,196	$	72.28	59,272	$	65.85
Granted	24,581		85.85	25,506		80.15
Vested	(30,143)		71.14	(25,762)		62.05
Forfeited or cancelled	—		—	(820)		65.09
Outstanding at end of period	52,634	$	79.27	58,196	$	71.42


	At or for the Three Months Ended										At or for the Nine Months Ended
(In thousands, except per share data)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		9/30/2024		9/30/2023

Results of Operations:
Interest income	$	54,032	$	49,347	$	49,272	$	48,663	$	46,989	$	152,651	$	133,820
Interest expense		18,149		16,340		15,923		15,747		12,931		50,412		33,256
Net interest income		35,883		33,007		33,349		32,916		34,058		102,239		100,564
Provision for credit losses		—		—		200		500		—		200		4,182
Net interest income after provision for credit losses		35,883		33,007		33,149		32,416		34,058		102,039		96,382
Noninterest income		4,893		5,877		4,397		42,458		5,254		15,167		15,657
Noninterest expense		20,100		19,057		20,324		28,862		19,647		59,481		59,257
Income before income tax expense		20,676		19,827		17,222		46,012		19,665		57,725		52,782
Income tax expense		4,124		3,768		1,810		11,114		4,861		9,702		13,166
Net income	$	16,552	$	16,059	$	15,412	$	34,898	$	14,804	$	48,023	$	39,616

Earnings per common share - basic	$	1.65	$	1.59	$	1.51	$	3.39	$	1.43	$	4.75	$	3.89
Earnings per common share - diluted		1.65		1.59		1.51		3.39		1.43		4.75		3.89

Common Shares:
Basic weighted average		9,959,556		10,025,977		10,177,932		10,308,275		10,330,779		10,053,676		10,127,708
Diluted weighted average		9,980,544		10,039,862		10,201,373		10,338,715		10,353,621		10,075,890		10,150,990
Outstanding		10,011,428		10,031,350		10,129,190		10,365,131		10,379,071		10,011,428		10,379,071

Noninterest income / noninterest expense:
Service charges	$	2,189	$	2,101	$	1,634	$	1,847	$	1,821	$	5,924	$	5,186
Income from Ansay		1,062		1,379		979		110		791		3,420		2,812
Income from UFS		—		—		—		(179)		784		—		2,444
Loan servicing income		733		735		726		741		734		2,194		2,119
Valuation adjustment on mortgage servicing rights		(344)		339		(312)		(65)		229		(317)		460
Net gain on sales of mortgage loans		377		277		219		273		248		873		624
Gain on sale of UFS		—		—		—		38,904		—		—		—
Other noninterest income		876		1,046		1,151		827		647		3,073		2,012
Total noninterest income	$	4,893	$	5,877	$	4,397	$	42,458	$	5,254	$	15,167	$	15,657

Personnel expense	$	10,118	$	10,004	$	10,893	$	10,357	$	10,216	$	31,015	$	29,998
Occupancy, equipment and office		1,598		1,330		1,584		1,307		1,455		4,512		4,363
Data processing		2,502		2,114		2,389		1,900		2,153		7,005		6,111
Postage, stationery and supplies		213		205		238		236		244		656		848
Net gain (loss) on sales and valuations of other real estate owned		—		(461)		(47)		1,591		53		(508)		542
Net loss on sales of securities		—		—		34		7,826		—		34		75
Advertising		61		79		95		99		60		235		226
Charitable contributions		183		234		176		264		229		593		680
Outside service fees		1,598		1,889		1,293		1,363		1,438		4,780		4,987
Amortization of intangibles		1,429		1,475		1,500		1,604		1,626		4,404		4,720
Other noninterest expense		2,398		2,188		2,169		2,315		2,173		6,755		6,707
Total noninterest expense	$	20,100	$	19,057	$	20,324	$	28,862	$	19,647	$	59,481	$	59,257

Period-end balances:
Cash and cash equivalents	$	204,427	$	98,950	$	83,374	$	247,468	$	75,776	$	204,427	$	75,776
Investment securities available-for-sale, at fair value		128,438		127,977		138,420		142,197		179,046		128,438		179,046
Investment securities held-to-maturity, at cost		109,236		110,648		111,732		103,324		77,154		109,236		77,154
Loans		3,470,920		3,428,635		3,383,395		3,342,974		3,355,549		3,470,920		3,355,549
Allowance for credit losses - loans		(45,212)		(45,118)		(44,378)		(43,609)		(43,404)		(45,212)		(43,404)
Premises and equipment		69,710		68,633		69,621		69,891		70,994		69,710		70,994
Goodwill and other intangibles, net		197,698		199,127		200,602		202,102		203,705		197,698		203,705
Mortgage Servicing Rights		13,351		13,694		13,356		13,668		13,733		13,351		13,733
Other Assets		145,930		143,274		143,802		143,827		154,966		145,930		154,966
Total assets		4,294,498		4,145,820		4,099,924		4,221,842		4,087,519		4,294,498		4,087,519

Deposits		3,484,741		3,399,941		3,416,039		3,432,920		3,398,293		3,484,741		3,398,293
Securities sold under repurchase agreements		—		—		—		75,747		17,191		—		17,191
Borrowings		147,346		102,321		47,295		51,394		70,319		147,346		70,319
Other liabilities		33,516		28,979		27,260		41,983		24,387		33,516		24,387
Total liabilities		3,665,603		3,531,241		3,490,594		3,602,044		3,510,190		3,665,603		3,510,190

Stockholders’ equity		628,895		614,579		609,330		619,798		577,329		628,895		577,329

Book value per common share		62.82		61.27		60.16		59.80		55.62		62.82		55.62
Tangible book value per common share (1)		43.07		41.42		40.35		40.30		36.00		43.07		36.00


Average balances:
Loans	$	3,450,423		$	3,399,906		$	3,355,142		$	3,330,511		$	3,324,729		$	3,402,001		$	3,258,199
Interest-earning assets		3,833,968			3,696,099			3,741,498			3,738,589			3,671,620			3,757,468			3,627,015
Total assets		4,231,112			4,094,542			4,144,896			4,147,859			4,092,565			4,157,121			4,032,308
Deposits		3,435,172			3,401,828			3,446,145			3,406,028			3,404,708			3,427,741			3,367,647
Interest-bearing liabilities		2,583,382			2,466,726			2,512,304			2,426,870			2,411,062			2,521,031			2,394,630
Goodwill and other intangibles, net		198,493			199,959			201,408			202,933			204,556			199,948			190,470
Stockholders’ equity		620,821			610,818			613,190			613,244			576,315			614,965			554,892

Financial ratios (2):
Return on average assets		1.56	%		1.58	%		1.50	%		3.34	%		1.44	%		1.54	%		1.31	%
Return on average common equity		10.61	%		10.57	%		10.11	%		22.58	%		10.19	%		10.43	%		9.55	%
Average equity to average assets		14.67	%		14.92	%		14.79	%		14.78	%		14.08	%		14.79	%		13.76	%
Stockholders’ equity to assets		14.64	%		14.82	%		14.86	%		14.68	%		14.12	%		14.64	%		14.12	%
Tangible equity to tangible assets (1)		10.53	%		10.53	%		10.48	%		10.39	%		9.62	%		10.53	%		9.62	%
Loan yield		5.73	%		5.51	%		5.41	%		5.33	%		5.23	%		5.55	%		5.13	%
Earning asset yield		5.64	%		5.40	%		5.33	%		5.20	%		5.11	%		5.46	%		4.97	%
Cost of funds		2.79	%		2.66	%		2.55	%		2.57	%		2.13	%		2.67	%		1.86	%
Net interest margin, taxable equivalent		3.76	%		3.63	%		3.62	%		3.53	%		3.71	%		3.67	%		3.74	%
Net loan charge-offs to average loans		0.04	%		(0.05)	%		(0.07)	%		—	%		—	%		(0.03)	%		(0.01)	%
Nonperforming loans to total loans		0.32	%		0.31	%		0.29	%		0.20	%		0.10	%		0.32	%		0.10	%
Nonperforming assets to total assets		0.28	%		0.27	%		0.31	%		0.21	%		0.13	%		0.28	%		0.13	%
Allowance for credit losses - loans to total loans		1.30	%		1.32	%		1.31	%		1.30	%		1.29	%		1.30	%		1.29	%


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Compared with						Compared with
	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	Increase/(Decrease) Due to Change in						Increase/(Decrease) Due to Change in
	Volume		Rate		Total		Volume		Rate		Total

	(dollars in thousands)						(dollars in thousands)
Interest income
Loans
Taxable	$	6,524	$	17,008	$	23,532	$	7,333	$	14,095	$	21,428
Tax-exempt		217		253		470		248		93		341
Securities
Taxable (AFS)		(2,750)		2,192		(558)		(2,425)		2,412		(13)
Tax-exempt (AFS)		(24)		29		5		(169)		83		(86)
Taxable (HTM)		1,298		318		1,616		1,569		272		1,841
Tax-exempt (HTM)		(25)		—		(25)		(26)		1		(25)
Cash and due from banks		3,480		108		3,588		980		572		1,552
Total interest income		8,720		19,908		28,628		7,510		17,528		25,038
Interest expense
Deposits
Checking accounts	$	2,007	$	2,911	$	4,918	$	2,286	$	3,906	$	6,192
Savings accounts		(240)		2,143		1,903		(266)		3,147		2,881
Money market accounts		(1,308)		2,723		1,415		(1,019)		3,919		2,900
Certificates of deposit		3,453		7,362		10,815		3,437		9,242		12,679
Brokered Deposits		312		25		337		(16)		32		16
Total interest bearing deposits		4,224		15,164		19,388		4,422		20,246		24,668
Other borrowed funds		2,677		(1,163)		1,514		(911)		(880)		(1,791)
Total interest expense		6,901		14,001		20,902		3,511		19,366		22,877
Change in net interest income	$	1,819	$	5,907	$	7,726	$	3,999	$	(1,838)	$	2,161


	One Year or		One to Five		Five to Fifteen		Over Fifteen
	Less		Years		Years		Years		Total

	(dollars in thousands)
Commercial & industrial	$	177,436	$	210,032	$	128,559	$	1,789	$	517,816
Commercial real estate
Owner Occupied		112,220		419,876		331,633		75,001		938,730
Non-owner Occupied		44,650		290,282		120,647		7,744		463,323
Multi-family		17,573		141,262		170,130		493		329,458
Construction & Development		41,995		87,309		54,204		62,937		246,445
Residential 1-4 family		17,552		97,959		217,570		571,192		904,273
Consumer and other		9,590		36,603		18,708		5,972		70,873
Total	$	421,016	$	1,283,323	$	1,041,451	$	725,128	$	3,470,918
Fixed Rate Loans:
Commercial & industrial	$	57,931	$	172,968	$	81,037	$	1,758	$	313,694
Commercial real estate
Owner Occupied		53,383		337,657		112,146		20,612		523,798
Non-owner Occupied		36,788		247,779		36,763		—		321,330
Multi-family		14,408		137,509		116,099		—		268,016
Construction & Development		24,188		82,535		15,794		35,008		157,525
Residential 1-4 family		10,289		76,897		172,256		276,833		536,275
Consumer and other		9,374		35,759		17,608		5,972		68,713
Total	$	206,361	$	1,091,104	$	551,703	$	340,183	$	2,189,351
Floating Rate Loans:
Commercial & industrial	$	119,505	$	37,064	$	47,522	$	31	$	204,122
Commercial real estate
Owner Occupied		58,837		82,219		219,487		54,389		414,932
Non-owner Occupied		7,862		42,503		83,884		7,744		141,993
Multi-family		3,165		3,753		54,031		493		61,442
Construction & Development		17,807		4,774		38,410		27,929		88,920
Residential 1-4 family		7,263		21,062		45,314		294,359		367,998
Consumer and other		216		844		1,100		—		2,160
Total	$	214,655	$	192,219	$	489,748	$	384,945	$	1,281,567


	As of September 30,			As of December 31,			As of September 30,
	2024			2023			2023

	(dollars in thousands)
Nonperforming loans
Nonaccrual loans
Commercial & industrial	$	4,117		$	1,344		$	531
Commercial real estate
Owner Occupied		5,382			3,877			1,958
Non-owner Occupied		—			—			—
Multi-family		—			—			—
Construction & Development		—			—			—
Residential 1-4 family		176			429			444
Consumer and other		18			12			13
Total nonaccrual loans		9,693			5,662			2,946
Loans past due > 90 days, but still accruing
Commercial & industrial		15			106			18
Commercial real estate
Owner Occupied		—			252			250
Non-owner Occupied		79			—			—
Multi-family		—			—			—
Construction & Development		86			—			—
Residential 1-4 family		1,282			507			151
Consumer and other		14			28			27
Total loans past due > 90 days, but still accruing		1,476			893			446
Total nonperforming loans	$	11,169		$	6,555		$	3,392
OREO
Commercial real estate owned	$	—		$	—		$	—
Residential real estate owned		—			—			—
Acquired bank property real estate owned		712			2,573			1,844
Total OREO	$	712		$	2,573		$	1,844
Total nonperforming assets ("NPAs")	$	11,881		$	9,128		$	5,236
Accruing modified loans to borrowers experiencing financial difficulty	$	18		$	21		$	21
Ratios
Nonaccrual loans to total loans		0.28	%		0.17	%		0.09	%
NPAs to total loans plus OREO		0.34	%		0.27	%		0.16	%
NPAs to total assets		0.28	%		0.21	%		0.13	%
ACL - Loans to nonaccrual loans		466	%		770	%		1,473	%
ACL - Loans to total loans		1.30	%		1.30	%		1.29	%


	Time Deposits over FDIC		Portion of Time Deposits in
	Insurance Limits		Excess of FDIC Insurance Limits

	(dollars in thousands)
3 months or less remaining	$	57,434	$	25,434
Over 3 to 6 months remaining		64,049		34,799
Over 6 to 12 months remaining		25,770		12,270
Over 12 months or more remaining		16,324		5,824
Total	$	163,577	$	78,327


					After One, But				After Five, But
	Within One Year				Within Five Years				Within Ten Years				After Ten Years				Total
			Weighted				Weighted				Weighted				Weighted				Weighted
	Amortized		Average		Amortized		Average		Amortized		Average		Amortized		Average		Amortized		Average
At September 30, 2024	Cost		Yield (1)		Cost		Yield (1)		Cost		Yield (1)		Cost		Yield (1)		Cost		Yield (1)

	(dollars in thousands)
Available for sale securities
Obligations of U.S. Government sponsored agencies	$	1,486	5.0	%	$	1,194	4.5	%	$	14,069	2.0	%	$	11,371	2.3	%	$	28,120	2.4	%
Obligations of states and political subdivisions		342	4.9	%		11,918	4.1	%		17,399	3.2	%		33,340	2.8	%		62,999	3.2	%
Mortgage-backed securities		12	4.0	%		10,950	3.4	%		7,907	4.4	%		11,987	3.7	%		30,856	3.8	%
Corporate notes		—	—	%		5,000	9.4	%		9,609	3.3	%		1,058	10.6	%		15,667	5.7	%
Total available for sale securities	$	1,840	4.9	%	$	29,062	4.8	%	$	48,984	3.1	%	$	57,756	3.0	%	$	137,642	3.4	%
Held to maturity securities
U.S. Treasury securities	$	22,148	3.6	%	$	42,730	3.7	%	$	41,162	4.4	%	$	—	—		$	106,040	4.0	%
Obligations of states and political subdivisions		801	2.3	%		2,395	2.7	%		—	—	%		—	—	%		3,196	2.6	%
Total held to maturity securities	$	22,949	3.6	%	$	45,125	3.7	%	$	41,162	4.4	%	$	—	—	%	$	109,236	3.9	%
Total	$	24,789	3.7	%	$	74,187	4.1	%	$	90,146	3.7	%	$	57,756	3.0	%	$	246,878	3.6	%


										Minimum Capital Required				Minimum To Be Well-
						Minimum Capital				for Capital Adequacy Plus				Capitalized Under prompt
						Required for Capital				Capital Conservation Buffer				corrective Action
	Actual					Adequacy				Basel III Phase-In Schedule				Provisions
	Amount		Ratio			Amount	Ratio			Amount	Ratio			Amount	Ratio

	(dollars in thousands)
At September 30, 2024
Bank First Corporation:
Total capital (to risk-weighted assets)	$	495,493	13.9	%	$	285,833	8.0	%	$	375,156	10.5	%		N/A	N/A
Tier I capital (to risk-weighted assets)		442,697	12.4	%		214,375	6.0	%		303,698	8.5	%		N/A	N/A
Common equity tier I capital (to risk-weighted assets)		442,697	12.4	%		160,781	4.5	%		250,104	7.0	%		N/A	N/A
Tier I capital (to average assets)		442,697	10.9	%		161,935	4.0	%		161,935	4.0	%		N/A	N/A
Bank First, N.A:
Total capital (to risk-weighted assets)	$	434,920	12.2	%	$	285,664	8.0	%	$	374,934	10.5	%	$	357,080	10.0	%
Tier I capital (to risk-weighted assets)		394,124	11.0	%		214,248	6.0	%		303,518	8.5	%		285,664	8.0	%
Common equity tier I capital (to risk-weighted assets)		394,124	11.0	%		160,686	4.5	%		249,956	7.0	%		232,102	6.5	%
Tier I capital (to average assets)		394,124	9.7	%		161,835	4.0	%		161,835	4.0	%		202,294	5.0	%
At December 31, 2023
Bank First Corporation:
Total capital (to risk-weighted assets)	$	484,398	14.0	%	$	276,904	8.0	%	$	363,437	10.5	%		N/A	N/A
Tier I capital (to risk-weighted assets)		437,979	12.7	%		207,678	6.0	%		294,211	8.5	%		N/A	N/A
Common equity tier I capital (to risk-weighted assets)		433,979	12.5	%		155,759	4.5	%		242,291	7.0	%		N/A	N/A
Tier I capital (to average assets)		437,979	11.1	%		158,581	4.0	%		158,581	4.0	%		N/A	N/A
Bank First, N.A:
Total capital (to risk-weighted assets)	$	446,634	12.9	%	$	276,726	8.0	%	$	363,202	10.5	%	$	345,907	10.0	%
Tier I capital (to risk-weighted assets)		412,215	11.9	%		207,544	6.0	%		294,021	8.5	%		276,726	8.0	%
Common equity tier I capital (to risk-weighted assets)		412,215	11.9	%		155,658	4.5	%		242,135	7.0	%		224,840	6.5	%
Tier I capital (to average assets)		412,215	10.4	%		158,585	4.0	%		158,585	4.0	%		198,231	5.0	%