What changed in this filing

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Item 1. Financial Statements

2026-05-11 compared with 2025-11-07 · 148 added, 97 removed, 424 unchanged (37% of the section changed)

3 unchanged sentences

(In thousands) (Unaudited)

Nine Months Ended September 30,

Cash flows from financing activities:

Net increase (decrease) in deposits

Net decrease in securities sold under repurchase agreements

Proceeds from advances of notes payable

Three Months Ended March 31,

Cash flows from financing activities, net of effects of business combination:

Net increase in deposits

Repayment of notes payable

Repayment of junior subordinated debentures

Dividends paid

2 unchanged sentences

Net cash (used in) provided by financing activities

Net decrease in cash and cash equivalents

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

3 unchanged sentences

Supplemental schedule of noncash activities:

Closed branch buildings transferred to OREO

MSR resulting from sale of loans

Change in unrealized gain on investment securities available for sale, net of tax

Change in unrealized loss on investment securities available for sale, net of tax

Fair value of assets acquired

Fair value of liabilities assumed

Net assets acquired

Common stock issued in acquisition

See accompanying notes to consolidated financial statements.

6 unchanged sentences

The Bank operates as a full-service financial institution with a primary market area including, but not limited to, the counties in which the Bank’s branches are located.

The Bank has twenty-seven locations located in Manitowoc, Outagamie, Brown, Winnebago, Sheboygan, Shawano, Waupaca, Ozaukee, Monroe, Fond du Lac, Waushara, Dane, Columbia, Door and Jefferson counties in Wisconsin.

The Bank has thirty-eight locations located in Brown, Columbia, Dane, Door, Fond du Lac, Green, Jefferson, Manitowoc, Monroe, Outagamie, Ozaukee, Rock, Shawano, Sheboygan, Walworth, Waupaca, Waushara, and Winnebago counties in the State of Wisconsin and Winnebago county in the State of Illinois.

The Company and Bank are subject to the regulations of certain federal agencies and undergo periodic examinations by those regulatory authorities.

14 unchanged sentences

These reclassifications had no effect on the operations, financial condition or cash flows of the Company.

Updates to Significant Accounting Policies

Effective January 1, 2026, the Company adopted Accounting Standards Update (“ASU”) 2025-08, Financial Instruments—Credit Losses (Topic 326):

Purchased Financial Assets .

Any financial assets purchased after January 1, 2026 (including those acquired as part of the acquisition of Centre 1 Bancorp.

(“Centre”) on January 1, 2026) reflect the application of ASU 2025-08, while financial assets purchased prior to this date will continue to be reported in accordance with previously applicable accounting standards.

Recently Issued Not Yet Effective Accounting Standards

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements.

In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements.

This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification.

3 unchanged sentences

The Company does not anticipate a significant impact to its financial statement disclosures as a result of this ASU.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

This ASU is intended to improve the transparency and decision usefulness of income tax disclosures by requiring specific categories in the rate reconciliation table and disaggregation of taxes paid by jurisdiction.

All public entities must also provide additional information for reconciling items that meet a specific quantitative threshold.

This update is effective for annual periods beginning after December 15, 2024.

The Company anticipates that this standard will require expanded disclosure related to its income tax exposure, but will not cause any change in the accounting for operational results.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220):

4 unchanged sentences

Clarifying the Effective Date, and is now effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027.

NOTE 2 – ACQUISTIONS

On July 18, 2025, the Company entered into an Agreement and Plan of Merger with Centre 1 Bancorp, Inc.

(“Centre”), the parent company of First National Bank and Trust Company (“FNBT”), a community bank headquartered in Beloit, Wisconsin.

Under the terms of the agreement, Centre will merge with and into the Company, and FNBT will merge with and into the Bank.

The transaction is expected to close on January 1, 2026, subject to customary closing conditions including approval by the shareholders of Centre.

Merger consideration will consist of common stock of the Company, with final terms based on the fair market value of the Company’s common stock at closing.

Based on combined results as of September 30, 2025, the merged entity would have total assets of approximately $ 6.0 billion, loans of approximately $ 4.6 billion, and deposits of approximately $ 4.8 billion.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) – Narrow Scope Improvements.

This ASU is intended to better clarify interim disclosure requirements and the applicability of Topic 270 by improving the navigability of the required interim disclosures and clarifying what guidance is applicable.

The amendments also provide additional guidance on what disclosures would be provided in interim reporting periods.

This update is effective for annual periods beginning after December 15, 2027, with early adoption permitted.

The Company anticipates that this standard may impact the specific disclosures it utilizes in interim reports but will not cause any change in the accounting for operational results.

NOTE 2 – ACQUISITION

On January 1, 2026, the Company completed a merger with Centre, a bank holding company headquartered in Beloit, Wisconsin, pursuant to the merger agreement, dated as of July 17, 2025, by and between the Company and Centre, whereby Centre merged with and into the Company, and First National Bank and Trust, Centre’s wholly-owned banking subsidiary, merged with and into the Bank.

Centre’s principal activity was the ownership and operation of First National Bank and Trust, a federal-chartered banking institution that operated seventeen ( 17 ) branches in Wisconsin and Illinois at the time of closing.

The merger consideration totaled approximately $ 168.8 million.

Pursuant to the Merger Agreement, Centre shareholders were entitled to receive, for each share of Centre common stock that was outstanding immediately prior to the merger, 0.9200 shares of the Company’s common stock and cash in lieu of fractional shares.

Company stock issued totaled 1,382,940 shares valued at approximately $ 168.5 million, with cash of $ 0.3 million comprising the remainder of merger consideration.

After close the combined company had total assets of approximately $ 6.2 billion, loans of approximately $ 4.6 billion, and deposits of approximately $ 5.0 billion.

The fair value of the assets acquired and liabilities assumed on January 1, 2026 was as follows:

As Recorded by

Cash, cash equivalents and securities

Other investments

Premises and equipment, net

Core deposit intangible

Total assets acquired

Other borrowings

Subordinated debentures

Junior subordinated debentures

Other liabilities

Total liabilities assumed

Excess of assets acquired over liabilities assumed

purchase price

The Company purchased loans through the acquisition of Centre for which there was, at the date of acquisition, more than insignificant deterioration of credit quality since origination (PCD Loans).

The carrying amount of these loans at acquisition was as follows:

January 1, 2026

Purchase price of PCD loans at acquisition

Non-credit discount on PCD loans at acquisition

Allowance for credit losses on PCD loans at acquisition

Par value of PCD acquired loans at acquisition

All other loans purchased through this acquisition were classified as Purchased Seasoned Loans under the guidance of ASU 2025-08.

The following unaudited pro forma information is presented for illustrative purposes only.

The pro forma information should not be relied upon as being indicative of the historical results of operations the Company would have had if the Centre merger had occurred before such periods or the future results of operations that the Company will experience as a result of the merger.

The pro forma information, although helpful in illustrating the financial characteristics of the combined company under one set of assumptions, does not reflect the benefits of expected cost savings, opportunities to earn additional revenue, the impact of restructuring and merger-related expenses, or other factors that may result as a consequence of the merger and, accordingly, does not attempt to predict or suggest future results.

The unaudited pro forma information set forth below gives effect to the merger as if it had occurred on January 1, 2025, the beginning of the earliest period presented.

(in thousands, except per share data)

December 31, 2025

Total revenue, net of interest expense

Diluted earnings per common share

The Company accounted for this transaction under the acquisition method of accounting, and thus, the financial position and results of operations of Centre prior to the consummation dates were not included in the accompanying consolidated financial statements.

The accounting required assets purchased and liabilities assumed to be recorded at their respective fair values at the date of acquisition.

The Company determined the fair value of core deposit intangibles, securities, premises and equipment, loans, other assets and liabilities and deposits with the assistance of third-party valuations, appraisals and third-party advisors.

The acquisition accounting is provisional for up to one year after the acquisition and could be adjusted in subsequent quarters during 2026 if additional relevant information to the fair values listed above becomes available.

NOTE 3 – EARNINGS PER SHARE

1 unchanged sentence

Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings.

There were no anti-dilutive stock options for the nine months ended September 30, 2025 or 2024.

There were no anti-dilutive stock options for the three months ended March 31, 2026 or 2025.

The following table presents the factors used in the earnings per share computations for the period indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Net income available to common shareholders

13 unchanged sentences

The following is a summary of available for sale securities:

September 30, 2025

March 31, 2026

Treasury securities

Obligations of U.S.

5 unchanged sentences

December 31, 2025

Treasury securities

Obligations of U.S.

5 unchanged sentences

The following is a summary of held to maturity securities:

September 30, 2025

March 31, 2026

Treasury securities

8 unchanged sentences

Greater Than 12 Months

September 30, 2025 - Available for Sale

March 31, 2026 - Available for Sale

Treasury securities

Obligations of U.S.

3 unchanged sentences

Corporate notes

September 30, 2025 - Held to Maturity

March 31, 2026 - Held to Maturity

Treasury securities

7 unchanged sentences

Treasury securities

As of September 30, 2025, and December 31, 2024, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as the Company does not believe any of the debt securities are credit impaired.

As of March 31, 2026, and December 31, 2025, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as the Company does not believe any of the debt securities are credit impaired.

This is based on the Company’s analysis of the risk characteristics, including credit ratings, and other qualitative factors related to these securities.

The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities.

As of September 30, 2025, the Company did not intend to sell these securities and it was more likely than not that the Company would not be required to sell the debt securities before recovery of their amortized cost, which may be at maturity.

As of March 31, 2026, the Company did not intend to sell these securities and it was more likely than not that the Company would not be required to sell the debt securities before recovery of their amortized cost, which may be at maturity.

The unrealized losses have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration.

1 unchanged sentence

Treasury securities have the full faith and credit backing of the United States Government.

The following is a summary of amortized cost and estimated fair value of securities by contractual maturity as of September 30, 2025.

The following is a summary of amortized cost and estimated fair value of securities by contractual maturity as of March 31, 2026.

Contractual maturities will differ from expected maturities for mortgage-backed securities because borrowers may have the right to call or prepay obligations without penalties.

6 unchanged sentences

Mortgage-backed securities

As of September 30, 2025 and December 31, 2024, the carrying values of securities pledged to secure public deposits and for other purposes required or permitted by law were approximately $ 143.7 million and $ 273.4 million, respectively.

There were no sales of securities available for sale during the three months ended September 30, 2025 and 2024, or the nine months ended September 30, 2025.

Sales of securities available for sale produced $ 10.2 million in proceeds with immaterial gross losses for the nine months ended September 30, 2024.

As of March 31, 2026 and December 31, 2025, the carrying values of securities pledged to secure public deposits and for other purposes required or permitted by law were approximately $ 268.1 million and $ 249.7 million, respectively.

Sales of securities available for sale produced $ 8.9 million in proceeds with immaterial gross gains and losses for the three months ended March 31, 2026.

There were no sales of securities available for sale during the three months ended March 31, 2025.

Proceeds from sales of securities

Gross gains on sales

Gross losses on sales

NOTE 5 – LOANS, ALLOWANCE FOR CREDIT LOSSES, AND CREDIT QUALITY

The following table presents total loans by portfolio segment and class of loan as of September 30, 2025 and December 31, 2024:

The following table presents total loans by portfolio segment and class of loan as of March 31, 2026 and December 31, 2025:

Commercial/industrial

7 unchanged sentences

More information regarding the Company’s methodology related to the ACL-Loans can be found in the Company’s Annual Report.

The Company utilized the high-end range of the Federal Reserve Bank Open Market Committee forecast for national unemployment and the low-end range for national GDP growth at September 30, 2025 and December 31, 2024.

As of September 30, 2025, the Company anticipates the national unemployment rate to rise during the forecast period and the national GDP growth rate to rise slightly.

The Company utilized the high-end range of the Federal Reserve Bank Open Market Committee forecast for national unemployment and the low-end range for national GDP growth at March 31, 2026 and December 31, 2025.

As of March 31, 2026, the Company anticipates the national unemployment rate to rise during the forecast period and the national GDP growth rate to rise nominally.

The Company utilized long-term averages for the remaining loss drivers.

Due to increased geopolitical and economic uncertainty, the qualitative adjustment to individual loan pools related to risk from changes in economic conditions was increased during the first quarter of 2026.

A roll forward of the ACL-Loans is summarized as follows:

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

December 31, 2025

Beginning Balance

ACL on loans acquired

Provision for credit losses

Net (charge-offs) recoveries

Net charge-offs

Ending Balance

A summary of the activity in the ACL - Loans by loan type for the nine months ended September 30, 2025 is summarized as follows:

A summary of the activity in the ACL - Loans by loan type for the three months ended March 31, 2026 is summarized as follows:

Real Estate -

1 unchanged sentence

ACL - Loans - January 1, 2026

ACL - Loans - September 30, 2025

A summary of the activity in the ACL – Loans by loan type for the nine months ended September 30, 2024 is summarized as follows:

ACL - Loans on loans acquired

ACL - Loans - March 31, 2026

A summary of the activity in the ACL – Loans by loan type for the three months ended March 31, 2025 is summarized as follows:

Real Estate -

1 unchanged sentence

ACL - Loans - January 1, 2025

ACL - Loans - September 30, 2024

ACL - Loans - March 31, 2025

In addition to the ACL-Loans, the Company has established an allowance for credit losses on unfunded commitments (“ACL-Unfunded Commitments”), classified in other liabilities on the consolidated balance sheets.

This allowance is maintained to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans.

The ACL - Unfunded Commitments was $ 3.0 million and $ 2.9 million at September 30, 2025 and December 31, 2024, respectively.

The ACL - Unfunded Commitments was $ 4.0 million and $ 3.0 million at March 31, 2026 and December 31, 2025, respectively.

See Note 11 for further information on commitments.

2 unchanged sentences

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

December 31, 2025

2 unchanged sentences

Total provision for credit losses

The Company’s past due and non-accrual loans as of September 30, 2025 is summarized as follows:

The Company’s past due and non-accrual loans as of March 31, 2026 is summarized as follows:

Commercial/industrial

9 unchanged sentences

Residential 1‑4 family

Interest recognized on non-accrual loans is considered immaterial to the consolidated financial statements for the nine months ended September 30, 2025 and 2024.

Interest recognized on non-accrual loans is considered immaterial to the consolidated financial statements for the three months ended March 31, 2026 and 2025.

A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial

2 unchanged sentences

The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.

A significant portion of the loan balances in these tables and essentially all of the allowance allocations relate to PCD loans which were acquired from Hometown Bancorp, Ltd.

in February 2023.

Real estate collateral primarily consists of operating facilities of the underlying borrowers.

1 unchanged sentence

Collateral Type

As of September 30, 2025

As of March 31, 2026

Business Assets

31 unchanged sentences

Amortized Cost Basis by Origination Year

As of September 30, 2025

As of March 31, 2026

Commercial/industrial

29 unchanged sentences

Total current-period gross charge-offs

Loans that were both experiencing financial difficulty and were modified during the nine months ended September 30, 2025 and 2024, were insignificant to these consolidated financial statements.

Loans that were both experiencing financial difficulty and were modified during the three months ended March 31, 2026 and 2025, were insignificant to these consolidated financial statements.

NOTE 6 – MORTGAGE SERVICING RIGHTS

9 unchanged sentences

Following is an analysis of activity in the MSR asset:

Nine Months Ended

September 30, 2025

Three Months Ended

March 31, 2026

December 31, 2025

4 unchanged sentences

Amount recognized through earnings

MSR asset acquired

Fair value at end of period

1 unchanged sentence

Mortgage servicing rights as a percent of loans serviced for others

The primary economic assumptions utilized by the Company in measuring the value of MSRs were constant prepayment speeds of 7.8 and 8.2 months as of September 30, 2025 and December 31, 2024, respectively, and discount rates of 10.18 % as of each of those periods.

The primary economic assumptions utilized by the Company in measuring the value of MSRs were constant prepayment speeds of 9.0 % and 8.5 % and discount rates of 10.14 % and 10.17 % as of March 31, 2026 and December 31, 2025, respectively.

The constant prepayment speeds are obtained from publicly available sources for each of the loan programs the Company originates under.

1 unchanged sentence

The Company utilizes FHLB advances to fund liquidity.

The Company had outstanding balances borrowed from the FHLB of $ 210.0 million at September 30, 2025 and $ 135.5 million as of December 31, 2024.

The Company had outstanding balances borrowed from the FHLB of $ 100.0 million and $ 110.0 million at March 31, 2026 and December 31, 2025, respectively.

The advances, rate, and maturities of FHLB advances were as follows:

September 30,

Fixed rate, fixed term

6 unchanged sentences

Fixed rate, fixed term

Adjustment due to purchase accounting

Future maturities of borrowings were as follows:

September 30,

1 year or less

As of September 30, 2025, the Company had borrowing availability at the FHLB totaling $ 381.7 million in addition to the existing borrowings noted in the tables above.

As of March 31, 2026, the Company had borrowing availability at the FHLB totaling $ 226.4 million in addition to the existing borrowings noted in the tables above.

The Company has also issued $ 102.8 million in letters of credit through the FHLB with expiration dates through November 2026.

The Company assumed $ 65.0 million of FHLB borrowings as part of the Centre acquisition on January 1, 2026.

The Company repaid these borrowings in full on January 23, 2026, prior to the contractual maturity.

As a result, the Company recognized $ 1.3 million of purchase accounting fair value adjustment related to the borrowings, which reduced interest expense from borrowed funds, and incurred a $ 1.1 million prepayment penalty paid to the FHLB which is reflected in other noninterest expense.

NOTE 8 – SUBORDINATED NOTES AND JUNIOR SUBORDINATED DEBENTURES

2 unchanged sentences

These notes were issued with 10 -year maturities, carried interest at a fixed rate of 5.0 % through June 30, 2025, and carry a variable rate thereafter, payable quarterly.

These notes are callable on or after January 1, 2026 and qualify for Tier 2 capital for regulatory purposes.

The Company had outstanding balances of $ 6.0 million under these agreements at September 30, 2025 and December 31, 2024.

These notes became callable by the Company on January 1, 2026 and qualify for Tier 2 capital for regulatory purposes.

The Company had outstanding balances of $ 6.0 million under these agreements at March 31, 2026 and December 31, 2025.

During August 2022, the Company entered into subordinated note agreements with an individual.

The Company had outstanding balances of $ 6.0 million under these agreements as of September 30, 2025 and December 31, 2024.

The Company had outstanding balances of $ 6.0 million under these agreements as of March 31, 2026 and December 31, 2025.

These notes were issued with 10 -year maturities, carry interest at a fixed rate of 5.25 % through August 6, 2027, and at a variable rate thereafter, payable quarterly.

These notes are callable on or after August 6, 2027 and qualify for Tier 2 capital for regulatory purposes.

The Company assumed $ 4.5 million in subordinated note agreements with an individual as part of the Centre acquisition January 1, 2026.

These notes were entered into by Centre during January 2025.

They contain 10 -year maturities and carry interest at a fixed rate of 6.75 % through January 1, 2030, and at a variable rate thereafter, payable quarterly.

These notes are callable on or after January 2030 and qualify for Tier 2 capital for regulatory purposes.

As a result of the acquisition of Centre on January 1, 2026, the Company acquired all of the common securities of Centre’s wholly-owned subsidiary, Centre 1 Capital Trust I (“Trust I”).

The Company also assumed an adjustable rate junior subordinated note agreement with this trust.

The junior subordinated debenture issued to Trust I totals $ 8.3 million, carries interest at a floating rate resetting on each quarterly payment date, and is due in January 2039.

The junior subordinated debenture is redeemable by the Company, subject to prior approval by the Federal Reserve Bank, on any quarterly payment date.

The junior subordinated debenture represents the sole asset of Trust I.

The trust is not included in the consolidated financial statements.

The net effect of all agreements assumed with respect to Trust I is that the Company, through payments on its debenture, is liable for the distributions and other payments required on the trust’s preferred securities.

Trust I also provides the Company with $ 8.0 million in Tier 1 capital for regulatory capital purposes.

NOTE 9 – REGULATORY MATTERS

4 unchanged sentences

Under regulatory guidance for non-advanced approaches institutions, the Bank and Company are required to maintain minimum amounts and ratios of common equity Tier I capital to risk-weighted assets, including an additional conservation buffer determined by banking regulators.

As of September 30, 2025 and December 31, 2024, this buffer was 2.5 %.

The Bank met all capital adequacy requirements to which they are subject as of September 30, 2025 and December 31, 2024.

As of March 31, 2026 and December 31, 2025, this buffer was 2.5 %.

The Bank met all capital adequacy requirements to which they are subject as of March 31, 2026 and December 31, 2025.

Actual and required capital amounts and ratios are presented below at period-end:

6 unchanged sentences

Action Provisions

September 30, 2025

March 31, 2026

Total capital (to risk-weighted assets):

23 unchanged sentences

Fair value is based on fees currently charged to enter into similar agreements and for fixed rate commitments also considers the difference between current levels of interest rates and committed rates.

The notional amount of rate-lock commitments at September 30, 2025 and December 31, 2024 was approximately $ 27.7 million and $ 8.2 million, respectively.

The fair value of these rate-lock commitments are not material to these financial statements and have not been recorded.

The notional amount of rate-lock commitments at March 31, 2026 and December 31, 2025 was approximately $ 24.8 million and $ 16.9 million, respectively.

The fair value of these rate-lock commitments are not material to these financial statements.

The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers.

5 unchanged sentences

Notional Amount

September 30, 2025

March 31, 2026

December 31, 2025

12 unchanged sentences

for Identical

September 30, 2025

March 31, 2026

Securities available for sale

Treasury securities

Obligations of U.S.

6 unchanged sentences

Securities available for sale

Treasury securities

Obligations of U.S.

9 unchanged sentences

for Identical

September 30, 2025

March 31, 2026

Loans individually evaluated, net of reserve

6 unchanged sentences

Valuation Technique

As of September 30, 2025

As of March 31, 2026

Third party appraisals, sales contracts or brokered price options

Collateral discounts and estimated costs to sell

Loans individually evaluated

2 unchanged sentences

As of December 31, 2025

Third party appraisals, sales contracts or brokered price options

Collateral discounts and estimated costs to sell

Loans individually evaluated

1 unchanged sentence

Collateral discounts and discount rates

The carrying value and estimated fair value of financial instruments not measured and reported at fair value on a recurring or non-recurring basis at September 30, 2025 and December 31, 2024 are as follows:

September 30, 2025

The carrying value and estimated fair value of financial instruments not measured and reported at fair value on a recurring or non-recurring basis at March 31, 2026 and December 31, 2025 are as follows:

March 31, 2026

Financial assets:

6 unchanged sentences

Subordinated notes

Junior subordinated debentures

December 31, 2025

28 unchanged sentences

The number of shares of Company stock that may be issued pursuant to awards under the 2020 Plan shall not exceed, in the aggregate, 700,000 .

As of September 30, 2025, 124,570 shares of Company stock have been awarded under the 2020 Plan.

As of March 31, 2026, 150,499 shares of Company stock have been awarded under the 2020 Plan.

Compensation expense for restricted stock is based on the fair value of the awards of Bank First Corporation common stock at the time of grant.

The value of restricted stock grants that are expected to vest is amortized into expense over the vesting periods.

For the three months ended September 30, 2025 and 2024, compensation expense of $ 0.6 million and $ 0.5 million, respectively, was recognized related to restricted stock awards.

For the nine months ended September 30, 2025 and 2024, compensation expense of $ 1.6 million and $ 1.6 million, respectively, was recognized related to restricted stock awards.

As of September 30, 2025, there was $ 2.7 million of unrecognized compensation cost related to non-vested restricted stock awards granted under the plan.

For the three months ended March 31, 2026 and 2025, compensation expense of $ 0.6 million and $ 0.6 million, respectively, was recognized related to restricted stock awards.

As of March 31, 2026, there was $ 5.1 million of unrecognized compensation cost related to non-vested restricted stock awards granted under the plan.

That cost is expected to be recognized over a weighted average period of 2.4 years.

The aggregate grant date fair value of restricted stock awards that vested during the nine months ended September 30, 2025, was approximately $ 2.1 million.

The aggregate grant date fair value of restricted stock awards that vested during the three months ended March 31, 2026, was approximately $ 2.2 million.

For the period ended

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Average Grant-

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements