Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-21

Bank First Corp (BKFS)

CEO Michael Molepske was paid $1,800,787 in fiscal year 2025, up 6.0% from fiscal year 2024, the 55th percentile of its disclosed peer group (SEC filing 0001104659-26-048526 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,800,787
Michael Molepske total, FY2025
55th
CEO pay percentile vs peers
30:1
CEO-to-median pay ratio
—
Say-on-pay support, latest vote

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Companies that benchmark against BKFS
1 company names BKFS as a compensation peer

Each company listed discloses BKFS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BKFS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Molepske$805,838$0$463,787$0$463,763$0$67,399$1,800,787
Chief Executive Officer (Director)
Timothy McFarlane503,2630289,9070289,630043,1631,125,963
President (Director)
Kevin LeMahieu521,7880240,3170240,233051,5271,053,865
Chief Financial Officer
Jason Krepline310,8250143,3640143,097042,996640,282
Chief Lending Officer
Kelly Dvorak308,7500106,8080106,612023,099545,269
Chief Legal Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Michael Molepske$1,800,787$1,699,536$1,434,645+101,251
Timothy McFarlane1,125,9631,036,994409,818+88,969
Kevin LeMahieu1,053,865976,683691,270+77,182
Jason Krepline640,282589,165581,934+51,117
Kelly Dvorak545,269445,149—+100,120

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Kelly DvorakRSU2025-03-02——1,008—$106,808
Jason KreplineRSU2025-03-02——1,353—143,364
Kevin LeMahieuRSU2025-03-02——2,268—240,317
Timothy McFarlaneRSU2025-03-02——2,736—289,907
Michael MolepskeRSU2025-03-02——4,377—463,787
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Kelly Dvorak$106,808$0$00.0%
Jason Krepline143,364000.0%
Kevin LeMahieu240,317000.0%
Timothy McFarlane289,907000.0%
Michael Molepske463,787000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael MolepskeRSU9,107—$1,109,415
Timothy McFarlaneRSU4,780—582,300
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company’s executive compensation philosophy is intended to provide a total compensation package that is competitive with market practices while varying awards to recognize Company and individual performance. The program is designed to be performance-based, offering the opportunity to earn higher compensation if performance warrants, with the objective that actual compensation should exceed market when superior performance is achieved and be lower than market when performance falls below expectations.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
07

CEO pay ratio

Ratio (CEO : median employee)30 : 1
CEO total compensation$1,800,787
Median employee compensation$60,937
09

Board fee structure and ownership guideline

Annual cash retainer$25,000
Annual equity retainer$55,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)15,000 / 15,000 / 15,000
Stock ownership guideline$3,000
10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Bank First Corp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Bank First Corp.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nicolet Bankshares, Inc.2025Michael Daniels$850,000$12,391,200$0$1,593,750$14,944,068
2MVB Financial Corp.2025Larry Mazza850,000600,36801,381,2085,056,856
3Triumph Financial, Inc.2025Aaron Graft725,0002,808,839634,360362,8954,607,786
4Stock Yards Bancorp, Inc.2025James Hillebrand875,000656,250218,7501,487,5003,380,337
5Civista Bancshares, Inc.2025Dennis Shaffer573,657166,2460258,1462,894,036
6Lakeland Financial Corporation2025David Findlay739,6541,304,5820393,1282,473,892
7First Mid Bancshares, Inc.2025Joseph Dively543,400514,27201,019,3642,109,337
8German American Bancorp, Inc.2025D. Neil Dauby770,000517,4640602,5252,068,536
9City Holding Company2025Charles Hageboeck699,000404,8670796,8601,922,194
10Bank First Corp2025Michael Molepske805,838463,7870463,7631,800,787
11Mercantile Bank Corporation2025Raymond Reitsma734,600471,2830462,7981,769,983
12Alerus Financial Corporation2025Katie Lorenson625,000437,5000484,6881,630,180
13West Bancorporation, Inc.2025David Nelson608,000303,4930477,2451,456,493
14Bridgewater Bancshares, Inc.2025Jerry Baack650,000218,3720433,0001,349,932
15Guaranty Bancshares, Inc.2024Tyson Abston688,95300493,3351,347,196
16HBT Financial, Inc.2025J. Lance Carter570,686278,6000427,8151,294,800
17South Plains Financial, Inc.2025Curtis Griffith425,000124,972153,717255,0001,232,779
18Red River Bancshares, Inc.2025R. Blake Chatelain571,00626,0050—1,132,306
19Peoples Financial Services Corp.2025Gerard Champi557,000162,4000204,0201,068,323
20Farmers & Merchants Bancorp, Inc.2025Lars Eller519,841109,1480283,573969,335
21Southern Missouri Bancorp, Inc.2026Greg Steffens468,00038,07037,776—756,303

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Bank First Corpnot disclosedRestricted Stock 100not disclosedPearl Meyer
Alerus Financial Corporation141%PSU 60 · RSU 40NoFW Cook
Bridgewater Bancshares, Inc.89%RSU 100not disclosedPearl Meyer
City Holding Companynot disclosedPSU 60 · RSU 40Yes — Total Shareholder Return (TSR)McLagan
Civista Bancshares, Inc.not disclosedRSU 100Yes — Relative TSR vs. Peer Group (3 year average)Blanchard Consulting Group
Farmers & Merchants Bancorp, Inc.not disclosedStock Awards 100not disclosednot disclosed
First Mid Bancshares, Inc.not disclosednot disclosednot disclosedBlanchard Consulting
German American Bancorp, Inc.67%RSU 100NoBCG
Guaranty Bancshares, Inc.not disclosednot disclosednot disclosedPearl Meyer & Partners
HBT Financial, Inc.149%RSU 50 · PSU 50NoMcLagan Partners Inc.
Lakeland Financial Corporation106%PSU 60 · RSU 40NoPearl Meyer & Partners
Mercantile Bank Corporation105.6%PSU 65 · RSU 35NoAON
MVB Financial Corp.216.66%RSU 50 · PRSU 50NoPay Governance LLC
Nicolet Bankshares, Inc.not disclosednot disclosedNoPearl Meyer & Partners, LLC
Peoples Financial Services Corp.104%PSU 50 · RSU 50NoPearl Meyer & Partners, LLC
Red River Bancshares, Inc.not disclosedRSU 100not disclosedBlanchard Consulting Group
South Plains Financial, Inc.not disclosednot disclosednot disclosednot disclosed
Southern Missouri Bancorp, Inc.not disclosednot disclosednot disclosedBlanchard Consulting Group
Stock Yards Bancorp, Inc.200%not disclosedNoAon
Triumph Financial, Inc.83%PSU 50 · RSU 25 · Options 25Yes — Total Shareholder Return (TSR) - Banking Peer Group (Relative)Meridian Compensation Partners LLC
West Bancorporation, Inc.78%RSU 50 · PSU 50NoMcLagan

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Bank First Corp in fiscal 2025?
As disclosed, Michael Molepske, the Chief Executive Officer (Director), was the highest-paid executive at Bank First Corp in fiscal 2025 with total compensation of $1,800,787.
How does Bank First Corp's chief executive pay compare to its disclosed peer group?
The filing shows that the CEO's pay falls at the 55th percentile of the disclosed peer group.
What is Bank First Corp's CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 30:1.
How did shareholders vote on Bank First Corp's executive compensation?
The latest say-on-pay support vote is not disclosed in this filing.
How much does Bank First Corp spend in total on board compensation for fiscal 2025?
The company reported total board compensation of $0 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael MolepskeDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation”. As printed: 1,800,787. Filing ↗machine: r1 · c43 · span 725655–725664
2Section 01, Timothy McFarlaneDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation”. As printed: 1,125,963. Filing ↗machine: r4 · c43 · span 742164–742173
3Section 01, Kevin LeMahieuDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation”. As printed: 1,053,865. Filing ↗machine: r7 · c43 · span 758997–759006
4Section 01, Jason KreplineDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation”. As printed: 640,282. Filing ↗machine: r10 · c43 · span 776732–776739
5Section 01, Kelly DvorakDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation”. As printed: 545,269. Filing ↗machine: r13 · c43 · span 793555–793562
6Section 03, Kelly Dvorak RSUDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 847367–847374
7Section 03, Jason Krepline RSUDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 843536–843543
8Section 03, Kevin LeMahieu RSUDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 840003–840010
9Section 03, Timothy McFarlane RSUDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 836172–836179
10Section 03, Michael Molepske RSUDEF 14A2026-04-240001104659-26-048526Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 832636–832643
11Section 07, pay ratioDEF 14A2026-04-240001104659-26-048526Section “CEO Pay Ratio”. As printed: 30 : 1. Filing ↗
12Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
13Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
14Nicolet Bankshares, Inc., Section 10b CEO totalDEF 14A2026-03-240001174850-26-000086CEO total compensation as printed in Nicolet Bankshares, Inc.'s own proxy. As printed: 14,944,068. Filing ↗machine: t24 · r3 · c21 · span 428027–428037
15MVB Financial Corp., Section 10b CEO totalDEF 14A2026-04-070001277902-26-000048CEO total compensation as printed in MVB Financial Corp.'s own proxy. As printed: 5,056,856. Filing ↗machine: r2 · c27 · span 558090–558100
16Triumph Financial, Inc., Section 10b CEO totalDEF 14A2026-03-110001193125-26-102190CEO total compensation as printed in Triumph Financial, Inc.'s own proxy. As printed: 4,607,786. Filing ↗machine: r3 · c39 · span 604064–604073
17Stock Yards Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-120001437749-26-007879CEO total compensation as printed in Stock Yards Bancorp, Inc.'s own proxy. As printed: 3,380,337. Filing ↗machine: r3 · c32 · span 991255–991264
18Civista Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-145510CEO total compensation as printed in Civista Bancshares, Inc.'s own proxy. As printed: 2,894,036. Filing ↗
19Lakeland Financial Corporation, Section 10b CEO totalDEF 14A2026-03-050000721994-26-000036CEO total compensation as printed in Lakeland Financial Corporation's own proxy. As printed: 2,473,892. Filing ↗machine: span 916200–916209
20First Mid Bancshares, Inc., Section 10b CEO totalDEF 14A2026-03-170001193125-26-109951CEO total compensation as printed in First Mid Bancshares, Inc.'s own proxy. As printed: 2,109,337. Filing ↗machine: r2 · c12 · span 869693–869703
21German American Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-180001104659-26-030015CEO total compensation as printed in German American Bancorp, Inc.'s own proxy. As printed: 2,068,536. Filing ↗machine: span 816342–816351
22City Holding Company, Section 10b CEO totalDEF 14A2026-03-270000726854-26-000092CEO total compensation as printed in City Holding Company's own proxy. As printed: 1,922,194. Filing ↗machine: r5 · c21 · span 511012–511021
23Bank First Corp (subject), Section 10b CEO totalDEF 14A2026-04-240001104659-26-048526CEO total compensation as printed in Bank First Corp's own proxy. As printed: 1,800,787. Filing ↗machine: r1 · c43 · span 725655–725664
24Mercantile Bank Corporation, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010964CEO total compensation as printed in Mercantile Bank Corporation's own proxy. As printed: 1,769,983. Filing ↗machine: t42 · r1 · c20 · span 302151–302160
25Alerus Financial Corporation, Section 10b CEO totalDEF 14A2026-04-010001437749-26-010883CEO total compensation as printed in Alerus Financial Corporation's own proxy. As printed: 1,630,180. Filing ↗machine: span 526881–526890
26West Bancorporation, Inc., Section 10b CEO totalDEF 14A2026-03-030001166928-26-000016CEO total compensation as printed in West Bancorporation, Inc.'s own proxy. As printed: 1,456,493. Filing ↗machine: r2 · c48 · span 688762–688771
27Bridgewater Bancshares, Inc., Section 10b CEO totalDEF 14A2026-03-160001104659-26-028272CEO total compensation as printed in Bridgewater Bancshares, Inc.'s own proxy. As printed: 1,349,932. Filing ↗machine: t135 · r6 · c22 · span 897478–897487
28Guaranty Bancshares, Inc., Section 10b CEO totalDEF 14A2025-03-310000950170-25-047789CEO total compensation as printed in Guaranty Bancshares, Inc.'s own proxy. As printed: 1,347,196. Filing ↗machine: span 620930–620939
29HBT Financial, Inc., Section 10b CEO totalDEF 14A2026-04-080000775215-26-000037CEO total compensation as printed in HBT Financial, Inc.'s own proxy. As printed: 1,294,800. Filing ↗machine: span 498480–498489
30South Plains Financial, Inc., Section 10b CEO totalDEF 14A2026-04-060001140361-26-013355CEO total compensation as printed in South Plains Financial, Inc.'s own proxy. As printed: 1,232,779. Filing ↗machine: r2 · c27 · span 556174–556183
31Red River Bancshares, Inc., Section 10b CEO totalDEF 14A2026-03-130001071236-26-000028CEO total compensation as printed in Red River Bancshares, Inc.'s own proxy. As printed: 1,132,306. Filing ↗machine: t19 · r2 · c19 · span 367929–367938
32Peoples Financial Services Corp., Section 10b CEO totalDEF 14A2026-04-100001104659-26-041794CEO total compensation as printed in Peoples Financial Services Corp.'s own proxy. As printed: 1,068,323. Filing ↗machine: t226 · r8 · c16 · span 1077916–1077925
33Farmers & Merchants Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-240001140361-26-010915CEO total compensation as printed in Farmers & Merchants Bancorp, Inc.'s own proxy. As printed: 969,335. Filing ↗machine: r2 · c21 · span 457783–457790
34Southern Missouri Bancorp, Inc., Section 10b CEO totalDEF 14A2026-09-210001104659-26-109259CEO total compensation as printed in Southern Missouri Bancorp, Inc.'s own proxy. As printed: 756,303. Filing ↗
35Section 10a, Red River Bancshares, Inc. reciprocityDEF 14A—0001071236-26-000028Red River Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
36Section 10a, MVB Financial Corp. reciprocityDEF 14A—0001277902-26-000048MVB Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
37Section 10a, First Mid Bancshares, Inc. reciprocityDEF 14A—0001193125-26-109951First Mid Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
38Section 10a, Nicolet Bankshares, Inc. reciprocityDEF 14A—0001174850-26-000086Nicolet Bankshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
39Section 10a, Guaranty Bancshares, Inc. reciprocityDEF 14A—0000950170-25-047789Guaranty Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
40Section 10a, HBT Financial, Inc. reciprocityDEF 14A—0000775215-26-000037HBT Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
41Section 10a, Mercantile Bank Corporation reciprocityDEF 14A—0001437749-26-010964Mercantile Bank Corporation's most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
42Section 10a, Lakeland Financial Corporation reciprocityDEF 14A—0000721994-26-000036Lakeland Financial Corporation's most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
43Section 10a, Stock Yards Bancorp, Inc. reciprocityDEF 14A—0001437749-26-007879Stock Yards Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
44Section 10a, Triumph Financial, Inc. reciprocityDEF 14A—0001193125-26-102190Triumph Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
45Section 10a, City Holding Company reciprocityDEF 14A—0000726854-26-000092City Holding Company's most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
46Section 10a, Farmers & Merchants Bancorp, Inc. reciprocityDEF 14A—0001193125-25-044260Farmers & Merchants Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
47Section 10a, Civista Bancshares, Inc. reciprocityDEF 14A—0001193125-26-145510Civista Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
48Section 10a, Peoples Financial Services Corp. reciprocityDEF 14A—0001104659-26-041794Peoples Financial Services Corp.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
49Section 10a, Bridgewater Bancshares, Inc. reciprocityDEF 14A—0001104659-26-028272Bridgewater Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
50Section 10a, West Bancorporation, Inc. reciprocityDEF 14A—0001166928-26-000016West Bancorporation, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗
51Section 10a, German American Bancorp, Inc. reciprocityDEF 14A—0001104659-26-030015German American Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Bank First Corp. Filing ↗

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